Estate Planning tailored to your needs.
The idea of estate planning can be daunting for many people, but it doesn’t have to be. At the same time, one size does not fit all. It is important that you understand all of your options when it comes to estate planning. No one plan is exactly the same, which is why we tailor each plan to fit your needs. You may be asking yourself, “Why do I need an estate plan?” This is an important question and we have the answer!
Think of estate planning as a gift to your family and loved ones. It is also a gift to yourself because it provides you with peace of mind. It will guide your loved ones should you become incapacitated and will greatly assist and reduce the cost of the probate process after you pass away. Now you may be asking yourself, “How does this protect or guide my family?” Here are the basic documents most people need:
A Last Will and Testament is an important part of any estate planning package. This document makes the probate of your estate much less expensive and makes your wishes known to all. A Will lets everyone know where or who you want your assets to go, who should care for your minor children, etc. Without a Will, someone else or the Court may make these decisions for you. It can also create confusion and tension in the family.
A Medical Power of Attorney comes into play when you cannot speak for yourself and/or have been declared incapacitated. This document will tell both your family and your medical team who should make medical decisions for you. Your Medical Power of Attorney will also include a HIPAA attachment, which allows your doctors and medical staff to release necessary medical information to the agents of your choosing.
A Statutory Durable Power of Attorney (or Financial Power of Attorney) allows you to appoint the person (or persons) who will take care of your finances should you become unable to do so. You are able to grant your agent certain powers that will allow them full or partial control of your finances. Your agent will also be able to make cash gifts on your behalf if you so choose. This can be important if you make just a little too much to qualify for a government program you need. If you feel like this is something you need before you are incapacitated, you can even select to make the document effective immediately.
A Directive to Physicians (or Living Will) can be thought of as a gift you are giving to your family before your passing. This document comes into play only if you cannot speak for yourself and only after your medical team has determined you cannot survive without life-sustaining equipment. It prevents your family from having to make difficult decisions without your input.
There are other documents you may need for your circumstances. Estate Planning does not have to be scary, but it needs to be tailor-made for you. Let The Rolon Law Firm help you find the estate planning package best for you and your needs!