A Sound Plan for Lasting Peace of Mind
Your estate plan will specify the ultimate disposition of all of your property, including your home, investments, business, employee benefits,and life insurance policies and all additional real and personal property in the event of your disability or death.
A thorough estate plan will include explicit instructions regarding your health care and medical decisions in the event you become incapacitated and are unable to make health care decisions on your own. A representative that you selected in advance would be permitted to make those decisions for you in accordance with your specific wishes and instructions.
Many individuals mistakenly believe that estate planning is merely preparing a will, but the fact is, estate planning encompasses a number of related issues and should include several other documents.
In addition to a Will, an individual should have:
- A Durable Power of Attorney:
This extremely important document grants another individual authority over your finances, real property, material assets, and financial accounts inthe event that you are physically or mentally unable to make decisions for yourself.
- A Designation of Health Care Surrogate:
This document permits someone appointed by you to make critical health care decisions in the event you are incapacitated and unable to make health care decisions for yourself.
- An Advance Health Care Directive sometimes called a “Living Will”:
This document provides specific direction to health care providers, family, and friends regarding health care decisions relating to end of life considerations in the event of terminal illness and catastrophic injury.
- A Designation of Pre-Need Guardian:
This document permits someone is chosen by you in advance to serve as a surrogate decision-maker over your personal and financial matters in the event it becomes necessary to establish a guardianship.