Estate Planning Education Courses

Additional Planning For Individuals

Like a well tuned orchestra, a comprehensive estate plan has many components, each with its own contribution to make. Let's look at these many elements and how they work for you.

FINANCIAL DURABLE POWER OF ATTORNEY

The Financial Power of Attorney does not replace the Trustee powers in a Trust. This financial power is to provide you aid in your personal life when you can no longer care for yourself. The Trustee in the Trust and your agent in your Financial Power of Attorney can make all your decisions when you are no longer able. The Financial Durable Power of Attorney terminates upon your death.

HEALTHCARE POWERS OF ATTORNEY

With a Living Will/Directive to Physicians, you can provide instruction to your caregivers about the types of treatment, especially invasive life support, procedures that you do and don't want to receive.

Medical Power of Attorney. Throughout much of our lives, we are at much greater risk of becoming seriously ill or injured than we are to die. Should we become so disabled that we can't make important decisions for ourselves in matters of health care, we need someone who can speak for us to see that our wishes are carried out.

HIPAA. The federal government passed this law (Health Insurance Portability and Accountability Act of 1996) in order to help us obtain medical records on our family members once they can no longer ask for themselves.

POUR-OVER WILL

If you have a living trust, then the pour-over will serves as a safety net in case you've left property outside of your trust at your death. The pour-over will directs that these assets be transferred into the name of your trust, thus ensuring that they are included with the rest of your assets and managed or distributed to your loved ones accordingly.

DECLARATION OF GUARDIAN

In the event that you should become incapacitated and can't manage your affairs, you would probably want an individual of your own choosing, not one the courts have chosen for you, to serve as your guardian. Specifying who that person will be is the purpose of the declaration of guardian, which also helps maintain family harmony and avoids disputes among your loved ones over who should assume responsibility for your care.

LETTER OF INSTRUCTION

A letter of instruction gives you a tool for providing instructions on the following personal matters: your funeral wishes; the institutions and individuals to be notified of your death; the location of your important documents; the name, location, and account numbers of your various financial accounts, as well as the location and combination (or the location of the key) to your safety deposit box; and finally, your wishes as to the disposition of any sentimental personal items not covered by your living trust or last will and testament.