When a client meets with me about Estate Planning, after some discussion, I usually find that they need the following documents for proper estate planning; a Will, a Financial Power of Attorney, a Health Care Power of Attorney and a Living Will.
These are the documents I have prepared for myself. These are the Estate Planning documents I have prepared for numerous friends and family members.
Do you need a Trust? Do you need a complicated Will?
Usually not, but it all depends on the value of your estate. If your estate is worth more than one million dollars, we will discuss more complex estate planning opportunities to further protect your estate. But for most families, the aforementioned documents take care of all their needs and ensure that their estates are properly handled when they become ill or pass away.
Proper Estate Planning Documents
A Last Will & Testament is a legal document we all need. In Tennessee, the law establishes who will receive your estate if you don’t have a will. And you may not like who gets everything you worked so hard to accumulate. Take charge of who gets what, when, and under what circumstances in your Will.
A Durable (Financial) Power of Attorney is a much needed document. Usually, if you are married, your spouse can handle your financial affairs when you can’t. However, if your spouse can’t do it, then who will? You can determine that person by having a Durable Power of Attorney prepared.
Of the utmost importance is your Health Care Power of Attorney. Who can make healthcare decisions on your behalf? Who do you trust to make the right decisions? You can make those decisions now by having a Health Care Power of Attorney prepared.
And finally, everyone needs a Living Will. We have ideas about how we want to live during the end stages of life. Make those decisions now in legal documents that your doctor and family must abide by.
Estate Planning does not have to be complicated or expensive. However, by not taking care of these legal matters on the front end, you can often cause your family to spend much more money later trying to take care of these matters for you.
Are you prepared?
For instance, a simple Health Care Power of Attorney can cost money. However, should you fail to prepare this document and then require medical care you cannot consent to, your family will be forced to hire an attorney to file a Petition for Conservatorship. The Court will require a hearing to determine who can make health care decisions for you. Doctor Affidavits will be required, and a Guardian Ad Litem will often be appointed. Conservatorships can cost a family a few thousand dollars. A Health Care Power of Attorney would have avoided all of this.
If you have questions about these documents or proper Estate Planning, contact us https://www.kane-law.com/contact-us
