When I talk to my clients about the benefits of a trust as part of their estate plan, their eyes glaze over. Trusts seem overly complicated and only applicable to the super-rich. However, there are several significant benefits to include a trust in your estate plan.
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There are many reasons why men don’t make a will. Usually, in my practice, it was the wife who scheduled the appointment and dragged her reluctant spouse to it. By asking a few questions, it was clear there were many misconceptions about estate planning and also a little fear.
However, once the husband reviewed the plan to protect their children, avoid probate, preserve assets and provide security for loved ones, he was firmly on board.
A health care power of attorney or health care surrogate is someone you name to make medical decisions on your behalf if you are unable to due to mental or physical incapacity. Depending on your state, the document you create is a health care power of attorney, medical power of attorney, or health care surrogate. You designate a surrogate or agent who will follow your health care wishes. If necessary, they will also follow your living will or advance medical directives.
You want to choose someone close to you that you trust. However, you should think carefully about who is best suited for the task of making tough decisions.
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What is the best way to communicate with family members about your medical, financial, and legal documents and information? Create a Family Information Binder.
When my Florida law practice drafted estate planning documents, we would present our clients with a Legal & Financial Family Information Binder. This was a binder where they could put all their estate planning documents and important financial information in one place.
We called it the “911 Binder,” meaning that when you got a call from the hospital, you had one place to go to for the Health Care Power of Attorney. If you needed to go to a bank, you had the Financial Power of Attorney as well as a list of bank accounts and the key to a safety deposit box.
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As we deal with the challenges of the current Covid-19 crisis it is important to look for ways to protect your family. Many things can happen during this time. You want to prepare for any scenario. Estate planning during a pandemic is helpful in case of any sudden illness or hospitalization.
A comprehensive estate plan covers many of life’s contingencies. A will is important but only comes into play at your death. There are other estate planning documents that help you during life events. For example, a sudden illness or medical emergency.
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Estate planning is critical not only to provide for your loved ones after your death, but also to protect yourself and them while you are alive. If you are suddenly incapacitated, who will take care of your financial, medical, and legal decisions? But how can you put together a comprehensive estate plan? Where do you start? Follow this helpful estate planning checklist to see what to update and what to put on your “to-do” list:
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Which estate planning myths are holding you back? Don’t have a will yet? You are not alone. According to a 2016 Harris poll on behalf of Rocket Lawyer: 64% of Americans don’t have a will. Why? Procrastination maybe. Or the fact that there are a lot of myths surrounding estate planning.
Continue reading “10 estate planning resolutions to make this year”
Hospice or palliative care provides tremendous support for a family dealing with a life-limiting or terminal illness. However, there are many misunderstandings of what hospice is and isn’t. In this article I want to separate hospice facts from fiction.
Going through a divorce is tough. The last thing you want to do post-divorce is sit down with another attorney to go through your estate plan. However, you just experienced a significant life event. Estate planning after divorce is critical to preserve your assets and protect your children.
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