estate planning guardian
Get Your Four Essential Tools of Estate Planning Done Right
Estate Planning involves not only making decisions on how your assets will be distributed when you die but also making it clear how decisions should be carried out when you’re alive yet mentally incapacitated. The four essential estate planning tools that make your views clear to all are your will, a power of attorney, a living will and a health care proxy. This article comments on what each means and warnings about getting them done right.
Often putting all your estate planning in order can be complex. It depends on how many assets you have, where they are, your family structure such as children, divorced and previous children, state laws. But no matter how small your estate is, you definitely should take care of the four essential tools of estate planning. These are your
1. will
2. durable power of attorney
3. living will
4. health care proxy (medical durable power of attorney)
*Will
Your Will expresses how you want to dispose of your assets and who should be a guardian for any minors you’re in charge of. So clearly state how and to whom property in your name should be distributed, name an executor to be in charge of carrying out your wishes, and provide for payments of costs incurred in settling your estate. And for your minor children, designate a guardian and name a trustee to protect their inheritances.
*Durable Power of Attorney
You can designate anyone – doesn’t have to be a lawyer – to handle your affairs. You do this by creating a power of attorney giving someone permission to manage your affairs. You can limit those affairs to just financial, or investment, or whatever. But such powers of attorney stop when you become mentally disabled. So you must create a power of attorney that’s durable so it continues on – or starts- when you become incapacitated – called a springing power of attorney.
That designated person to have the power of attorney can be your spouse, adult child or anyone you trust. He can manage (i.e. pay bills, make decisions) your affairs, or only particular assets or accounts.
But don’t wait! You can’t create a durable power of attorney once you’ve become incompetent. And, incidentally, that power is revoked when you die.
*Living Will
Your living will expresses your wishes to your doctors when they’re considering use of life-sustaining measures. This is your declaration on what life-sustaining medical treatments you will allow – or not allow – if you become incapacitated.
As an example, you may request that artificial nourishment be withheld if you become terminally ill.
*Health care proxy
This also called a Medical Durable Power of Attorney. It designates someone to make healthcare decisions on your behalf in the event you no longer can. It’s a document in which you give a person your permission to make health care decisions on your behalf if you are unable to do so in the future. It should be consistent with your living will. So talk to the person before appointing him, and be sure he or she understands and is comfortable with your wishes. And be sure he is strong enough to carry out your wishes despite some family objections from other family members.
Using professional help:
It’s a good idea to seek professional help when drafting each of these documents even though you can buy software to help create your own documents. Your state laws and your circumstances may require special language in your document to be effective. Your will goes through the probate process of your state. So it must conform to those state-based probate rules.
In the case of a power of attorney, you’ll want to see if your circumstances are better served by appointing limited powers of attorney too. Also, states have different requirements for the execution and recording of Powers of Attorney. Be sure that yours complies with your state’s laws.
Downloaded living wills and health care proxies may not be thorough enough as written. So they may not withstand a legal challenge. An attorney can advise you of everything that needs to be considered under your state’s laws that govern health care proxies
About the Author
Shane Flait helps you with your financial legal, tax, and retirement goals. Get his FREE report on Managing Your Retirement =>
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