Posted on: May 30, 2017
A comprehensive Estate Plan can give you control over your assets and spare your loved ones from unnecessary expenses in handling your estate. It also gives you the power to designate the people who will handle your financial affairs and make medical decisions on your behalf in the event that you become incapacitated. We encourage everyone to have a well thought-out and comprehensive Estate Plan. At a minimum everyone should have the following 3 Estate Planning documents:
- Durable Power of Attorney for financial affairs
- Durable Power of Attorney for health care
- A Will with Asset Protection Supplemental Needs Trust
It is important to get these essential Estate Planning documents in order while you are still mentally and physically able to do so.
Durable Power of Attorney for Financial Affairs
A Power of Attorney gives a trusted individual the authority to act on your behalf. A General Durable Power of Attorney is a legal document that names a person (your Attorney-in-Fact) to manage your financial affairs in the event that you become incapacitated. It does not take away your authority as long as you are capable of making decisions.
This essential Estate Planning document gives your Attorney-in-Fact the ability to make deposits and withdrawals from your bank accounts, pay your bills, sell stocks, bonds, or other securities you own, and to transfer title to assets you own for your benefit.
Durable Power of Attorney for Health Care
A Durable Power of Attorney for Health Care Decisions is a legal document that names your Attorney-in-Fact to be your voice for medical decisions in the event that you become incapacitated. It does not take away your authority as long as you are capable of making decisions regarding your own care.
In your Durable Power of Attorney for Health Care you can communicate your wishes regarding end of life care. This essential Estate Planning document helps ensure that your personal medical wishes are followed.
A Will is a powerful legal document that can address many Estate Planning considerations and wishes. A Will can address:
- The distribution of your estate upon your death
- Naming a guardian for minor children
- Creating a trust and naming a trustee to handle the estate on behalf of minor children or grandchildren
- Establishing a Supplemental Needs Trust for your spouse, disabled children, or other loved ones
- Preserving assets while continuing Medicaid or other Long-Term Care benefits for a surviving spouse
These are only a few of the things a well-thought-out Will can address. Your Will is a plan for the future as you have envisioned it.
At Elder Law Group PLLC we know that making arrangements for mental or physical incapacity can be very stressful and emotional. We strive to remove some of the burden from you and your family by helping you create an Estate Plan that addresses your needs in detail.
Contact us or call (509) 468-0551 (Spokane office), or (509) 579-0206 (Tri-Cities office), for personal, compassionate guidance in Estate Planning and Elder Law. Subscribe to our newsletter to get news and updates on Elder Law and information regarding challenges facing today’s seniors.