Everyone can get sick and need help, everyone eventually dies. All adults, 18 years and older, should have these three essential estate planning documents. Certainly the content in these three documents can vary widely from person-to-person. Nevertheless, these materials help avoid expensive court proceedings and ensure your wishes are respected.
Guardianship: You could fall ill or have an accident leaving you incapacitated for a week, month or years. Petitioning the court for a Guardian becomes necessary if you have not executed a Power of Attorney giving an Agent authority to act for you financially, or a Health Care Power of Attorney giving an Agent authority to make medical decisions.
Intestacy, Having No will at Death: If you have no plan, then your assets pass under the State’s plan. Also, without a Will, there are no protective trusts. Further, your spouse or your children may receive more or less than you intend, leaving your wishes disregarded. The Intestacy Rules do not take your wishes into consideration. A Will allows you to craft a plan that reflects your real desires.
#1 The Will: Without a Will, the state decides where your assets pass at death. The State provides no protective trusts and disregards your wishes. Ensure respect for your wishes with a properly drafted Will. A well drafted Will also provides for your child’s care. Here are some examples of typical Will provisions.
#2 The Financial Power of Attorney:. If you are incapacitated, the Durable General Power of Attorney appoints the person or persons who manage your assets. Without this document, your family is forced to file for Guardianship. The court is free to select the Guardian, who might not be a family member.
#3 The Medical Power of Attorney and Living Will: In a Medical Proxy and a Living Will you choose the person who will make your medical decisions if you are ever unable to act yourself. This person has the right to select your doctor and your treatment. Further, this surrogate has the right to refuse medical care. You should pick this person who will carry out your wishes. You must also communicate clearly your wishes to your surrogate.
If you have any questions about these 3 essential estate planning documents or any other estate planning topics, feel free to contact us to schedule a free consultation. For more than two decades Klenk Law has focused only on Estate Law. We’ve seen it all, and this experience allows us to explain complex estate planning techniques clearly and concisely. We make it easy for you to understand the essential estate planning documents so you can make the best decisions for yourself and your family.
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!
"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.
Surprisingly easy
Great friendly staff
I was referred to Peter after my divorce to put documents together to protect my assets. He suggested a number of documents that would help protect my children and their future. Also, he put together wills, power of attorney and living wills. I initially spoke with him on the phone, he took 30-40 minutes to understand my situation and explain the benefits of having such documents. After a week or two, I met with him in his office and signed the documents. Everything else was remote phone calls and emails. He re-explained these documents and what whom to share. I am in good hands.
Peter Klenk was great in leading us in the estate planning process.He was clear in describing the various steps and what they would accomplish. We were well satisfied and pleased that we had Peter to guide us.
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