Estate Planning - Will, Trusts & More
Many people believe that estate planning is only for people who are particularly wealthy, have elaborate schemes in mind for passing their money to their heirs, or for people who are acutely ill and contemplating their death. This could not be further from the truth!
Estate planning is for every husband, wife, mother, father, grandparent, business owner, professional, or anyone else who has someone they care about, and is concerned about providing responsibly for their own well-being and for the well-being of those they love, and for anyone who seeks to make a difference in the lives of others after they’re gone. Estate planning is not “death planning”: it’s “life planning,” and an essential and rewarding process for individuals and families who engage in it.
General Information: What Exactly Is Estate Planning? What Are The Basic Items Entailed In An Estate Plan? Where Do I Start With Estate Planning? What Is The Definition Of An Estate? What Happens If I Die Without A Will? What Documents Are In An Estate Plan? How Long Does It Take To Create An Estate Plan? How Do I Find An Estate Planning Attorney? Are There Any Maintenance Costs To An Estate Plan? As A Trust Administrator Can I Sell Property That Is In A Trust? What Are Beneficiaries’ Rights In A Trust? When done properly, estate planning requires that a highly trained attorney lead you through one or more in-depth meetings to uncover your hopes, fears, and expectations for yourself and for those who are most important to you. This process almost always requires the preparation of several sophisticated legal documents, including a Will, a Durable Power of Attorney, a Living Will, a Healthcare Proxy, a HIPAA Authorization, and one or more Trusts (depending on the size and configuration of the estate and the needs and wishes of the client). But “estate planning” isn't just the documents. Estate Planning is a process, represented by a complete strategy that is properly documented and maintained by an estate planning attorney who takes the time to get to know you, and who is committed to continuing to serve you.
Estate Plan Maintenance
Don’t End Up Like Terri Schiavo
One of most famous cases that highlights the need for a medical emergency plan is that of Terri Schiavo, a 26-year-old Florida woman who collapsed and fell into a coma in February 1990. Ms. Schiavo didn’t have a Living Will or Healthcare Proxy, and as a result was kept alive in a coma on life support for 15 years while her husband and parents fought in court over taking her off life support. Finally, in March 2005, a Florida court ordered removal of Ms. Schiavo’s feeding tube. She died 13 days later—and the autopsy proved that she had been brain dead since she collapsed 15 years earlier.
While the Schiavo case is an extreme one, it emphasizes the fact that without a medical emergency plan, your family members may be left to guess (or possibly fight) about your medical treatment and end-of-life wishes. But, it doesn’t have to be that way. A Living Will and Healthcare Directive can make your wishes known and legally enforceable. If you haven’t reviewed your healthcare documents in the last year, now is the time to make sure they reflect your current wishes. Call us today if you have any questions about health care decisions and how to best communicate them to your loved ones.
Planning for Property Management with a Durable Power of Attorney
Caution: Durable Powers of Attorney Can Become Obsolete
- Insurance contracts (life, disability, long term care, property and casualty)
- Annuity contracts
- Retirement plans (pension, profit-sharing and stock bonus plans, IRAs, 401(k)s and 403(b)s)
- Online financial accounts for banking and investments
- Online personal accounts such as email, Facebook, Instagram and LinkedIn
- Elder care and special needs planning