Assuming that estate planning is all about what happens after you die is a common mistake. Indeed, a Will and likely a Trust will be part of your estate plan, but as relevant are other essential documents.
This article introduces you to some of the smaller, but essential estate planning documents. Further, there are links to more detailed information. These documents address issues during your life, not after your death.
Life is unpredictable. Life could throw you a curve rendering you incapacitated for hours, days, weeks or even years. Should a car accident or health issue leave you unable to manage your assets, who steps in? Each state recognizes your right to grant an Agent the power to control your financial affairs. The document used to give these powers is the Durable General Power of Attorney.
Durable refers to the powers being granted carrying on even if you are incapacitated.
General refers to the document being a broad grant of powers. For example, most include the ability to manage funds, sell assets, hire professionals such as lawyers and accountants and gather your private information.
If you were incapacitated this document allows you to select the person who manages your affairs. Without the document, your family is forced to Petition the court to have you declared incapacitated. A judge then appoints a guardian. This person might not be a family member but could as easily be someone you have ever met. By working with an estate planning lawyer to create a Durable General Power of Attorney, you get to select your Agent, and you save the expense of a Guardianship hearing.
Sharing a copy of your Financial Power of Attorney poses risks. The document is valid the moment you sign it, and photocopies or electronic scans are valid. So, if you give your Agent a copy you can never be sure you have received all copies back again should you have a falling out. Our clients usually leave the original in our Will safes along with instructions to provide the Agent with a copy should the client ever become incapacitated. This way the documents are ready to use, but not available unless needed.
For more detailed information, follow this link to further data: Power of Attorney Lawyer.
A Medical Power of Attorney appoints the person who has the specific power to make medical decisions for you should you become incapacitated. This document will likely include a description of your wishes regarding removing all medical care (the Living Will).
When selecting your Surrogate, make sure you spend the time to share your medical philosophy. Your Surrogate is supposed to make the same decision you would make given the situation. If you don’t share your thoughts, there is no way the Surrogate can act.
Because your Surrogate might need to use your Medical Power of Attorney quickly, it is wise to provide him with an electronic copy. He can keep the copy on his phone or in an email where he can access it at any time and from any location. Unlike the Durable General Power of Attorney, having a copy of the Medical Power of Attorney does not grant the right to empty bank accounts, so there is less danger of any abuse.
For more detailed information, follow this link to further data: Living Will Lawyer.
Your Will might name a guardian for your children should you die, but who takes them home from the hospital should you be alive but unconscious? Further, if you are unconscious from a car accident, which approves medical care for your minor children? These situations are where a Temporary Guardianship document works best.
Providing a copy of this to the appointed Guardian is essential. The named guardian acts only if you are incapacitated. This limits any danger of abuse. Give the Guardian a scanned copy, By having a copy your Guardian can arrive on short notice and take custody of your children in what is likely a terrifying situation.
In conclusion, estate planning documents are not only Wills and Trusts. Make sure you cover all the essential materials with your Estate Planning Lawyer.
Excellent, knowledgeable team handled a complicated issue with superb results.
Peter Klenk ESQ is a thoughtful and capable attorney who we work with on estate planning issues. His firm recently provided us with new Wills, Power of Attorneys and our instructions regarding major health issues. These documents are important for estate and life planning. Peter and his team are masters in the complexities of Estate Law. We highly recommend Peter and his Associates to provide thoughtful advice and outstanding work on these complex issues of the law. Make sure your estate planning documents are up to date, and Peter can be relied on to do an excellent job. Well done Peter!
Peter provided outstanding advice and preparation of a will and trusts.
Peter Klenk and his associates are responsive and professional - It is a pleasure to work with their team. If you have needs in estate planning or administration, they are the firm to go to in the Philadelphia area!
Peter and the whole team at Klenk Law are top notch. They are thorough, efficient and understanding of client needs. He was able to tailor our estate planning needs just how we envisioned.