Estate Planning – The Four Documents You Really Can’t Afford to be Without
May 26, 2011
The benefits of planning your estate, in money saved and peace of mind, make getting started on a plan one of the best ways to care for your loved ones and make sure that your hard-earned property will be protected and distributed as you want. Estate planning makes you the boss.
It seems that what often draws people to schedule their initial estate planning meeting with an attorney is their perceived need to execute a will or to update an existing one. While focusing on the provisions of a last will and testament is important, it’s also good to consider lifetime estate planning, which focuses on taking care of individuals and their assets during their lifetimes.
In addition to determining who gets what when one passes away, good estate planning also addresses how you will be cared for and how your care will be financed when you are alive, and how your assets and liabilities will be managed during your lifetime. This plan would include the following documents:
Health Care Proxy
The health care proxy is the document that enables you to name a health care agent (and alternate,) who will be in charge of medical decisions on your behalf in the event that you cannot give informed consent or make an informed decision with respect to your health care. The authority of your health care agent to make such decisions is triggered by…
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by: Philip R. Smith
Westfield Evening News
May 26, 2011