In short, Estate Planning is the drafting, preparation, and implementation of specific documents to manage and grant items to another should one become incapacitated or pass away.
Some of the most common tools that we use when it comes to Estate Planning are:
Power of Attorney
Planning ahead for the inevitable is often a difficult choice to make, as nobody likes to think about their own demise. However, challenging as it may me, taking the proper steps now will give you peace of mind in the future. Creating the proper estate planning documents will alleviate the burden placed on your loved ones in the future.
Let us help lower your stress levels and those of your loved ones, today. Contact us to schedule a free consultation.
A will is a legal document that spells out how a person’s property will be distributed upon death. The most common type of a will is a formal will, which is what we would be drafting for you.
There are specific requirements that must be met when creating a formal will. The testator, which is the legal name for the person creating the will, must be able to:
Understand the disposition of their property at death;
Know the nature and extent of their property;
Understand what would happen to their estate should they not make a will; and
Reasonably understand the nature of their will.
The testator must also be over the age of 18 and not incapacitated to an extent that they are unaware of their actions. Two witnesses must also sign the document within a reasonable amount of time of witnessing the testator signing the document or the testator acknowledging their signature on the will.
A health care derivative is a legal document that states a person’s medical wishes should they become incapacitated or unable to make sound medical decisions on their own.
This document grants authority to a person or persons with regard to medical decisions. It only grants medical decisions to the named person should the creator be unable to make their own decisions.
Having this document in place allows for peace of mind, as the creator will not have to worry about procedures or care being executed or not executed because they are unable to make the decision on their own.
A health care derivative is an essential estate planning tool and we always suggest making one at the same time as a will.