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.
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
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Flora Novick
We were extremely pleased with the work done by Peter Klenk and members of the staff at Klenk Law. They were very thorough and did the work in a timely fashion. Peter's explanations of the legal system were very clear and helpful. I highly recommend this firm and Peter.
Our experience with Klenk Law has been exceptional. We’ve had help with estate planning and pre-nuptial agreements. They really take the time to explain everything and let us know our options. All of the staff are very professional, courteous and knowledgeable. They are very prompt with responding to calls and messages. We will continue to use them and recommend to friends and family.
Peter explains things in a practical way to help guide you through a rather daunting process. We have been using Klenk Law for years. Highly recommend.
Overall I great experience with Daniella and the rest of her team to work with me for my fathers estate. Never was an issue that couldn’t be fixed. I highly recommend klenk Law firm.
Peters' firm has prepared and updated our Wills and Trusts for the last 15 to 20 years. They know the law and help with your decision making to use the law to your best advantage. Response time to your requests is very reasonable, and final reviews and signing is executed in a timely manor with a thorough coverage of the documents. Our most recent updates to our Wills & Trusts were somewhat complicated, in our opinion, but Peter and his staff handled them effortlessly. As you can tell from this review Peter Klenk's firm is top notch.
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