Estate Planning
In health care, experts say that living healthy will greatly improve your future. If you exercise, meditate, and eat healthy, you are investing in your health. Those sacrifices eventually pay off by preventing or mitigating health problems. You also feel better immediately. Similarly, in the law, estate planning will protect your heirs from heartache, ensure your wishes are honored, preserve privacy, and save time and costs.
Everyone should have an Estate Plan, including a trust, will, power of attorney, and advanced health care directive. An estate plan can improve privacy, efficiency, and autonomy for yourself and your loved ones.
A Will identifies who inherits your property.
A Trust is a contract for holding property. In trust law, a Settlor/Trustor trusts a Trustee with property, to be held for the benefit of a Beneficiary. Most trusts are simply will-substitutes used for end-of-life planning. Trusts are often Revocable until death or incapacity. Trust helps avoid Probate Court, improving privacy, saving money, and reducing delays.
A Power of Attorney appoints someone to act for you. The Principal appoints an Attorney-in-Fact (who can be anyone, not limited to an attorney) to handle designated affairs with governmental authorities, financial institutions, and other third-parties. A power of attorney can be Special, for limited purpose, or General, for any purpose. A Durable power of attorney works even after Incapacity, i.e. when the principal is unable to make their own decisions. A Springing power of attorney becomes effective upon incapacity.
The Advanced Directive relates to your health care. An advanced directive honors your medical preferences, end-of-life requests, and decides who will make your health care decisions if you are unable.
If you want to create or update an estate plan, please contact our office for further consultation.