What Kind of Estate Planning Documents Might I Need?
The estate planning process can be intimidating, so we have broken down and explained some of the different legal services we offer as part of estate planning. If you are interested in any of these services, or are ready to start the planning process today, please contact us.
HIPPA Release: HIPAA refers to the laws protecting your private medical health information from being shared with others. However, often we would like our spouse, children, parents, etc, to have access to this information to help guide us in making our medical decisions. If you would like to share this information with loved ones, you can simplify this process with a HIPAA release.
Health Care Directive or Healthcare Power of Attorney: A healthcare directive allows for a person to designate their final wishes, should they ever be incapable of expression, due to a medical condition. A healthcare power of attorney allows you to designate another person to make medical decisions for you, in the instance that you are unable to express your wishes.
Durable Power of Attorney: A durable, or financial, power of attorney allows you to designate a person to assist you in a number of instances, should you be incapable of doing so, or just need assistance. A durable power of attorney can negotiate on your behalf, assist you in your communications regarding your government benefits, bank issues, loans, real estate transfers, etc.
Last Will and Testament: A last will and testament is a document created to express your wishes for after your death and the division of your assets. A last will and testament will be required to go through probate. A last will and testament is required for the designation of a guardian or conservator for you minor or disabled children.
Revocable Living Trust: A revocable living trust is an instrument created to distribute your assets, without having to go through the probate process. A revocable trust remains eligible for revocation and modification, for the life of the creator, or Settlor. Aside from allowing your to avoid the probate process, a trust allows you to leave assets for beneficiaries that are minors, without needing to have a conservatorship set up and monitored by the courts.
Irrevocable Trust: Irrevocable Trusts are often beneficial for the purposes of asset management. If you have a reason you want to no long control any of your own assets for Medicaid or tax purposes, then you may want to consider an Irrevocable Trust.
Special Needs Trust: Special Needs Trusts are an avenue to protect assets by a person, who qualifies, from interfering with their government benefits, in the simplest terms.
If you have questions about any of these documents or would like to make sure you have your estate plan properly set up, please contact us.
