WILL-BASED ESTATE PLANNING

 General: Will based Estate Planning usually includes a Will, a Durable Financial Power of Attorney, an Advance Medical Directive with Medical Power of Attorney, and a HIPAA release.  It may also include deeds, and recommendations on retitling assets or changing beneficiary designations.  OK, what do these mean?

A Will

 You know what a Will is.  It directs who inherits from you (your beneficiaries), who manages the inheritance (your Personal Representative  or Executor), and outlines how the Personal Representative must administer your estate.  A Will does all of these things.  And more. 

• A Will can provide that any inheritance left to a younger beneficiary be invested, managed and spent for the younger beneficiary, but without the younger beneficiary having control until the beneficiary reaches a mature age. 

• A Will can hold a spouse's inheritance in trust, to allow the spouse to qualify for government benefits (see the portion of this website on Veterans' Benefits, and Medicaid), with the assets in the trust used to provide an improved quality of life for the spouse. 

• A Will can direct gifts to dear friends, to your church and to your favorite charities.

• A Will is only effective when you pass away. 

Durable Financial Power of Attorney

 First, let's discuss what a Power of Attorney is.  A Power of Attorney is a document that allows one person, called a Principal, to allow another person, called an Agent, to take action on behalf of the Principal.  As an example, an Agent may be able to sign checks for the Principal, deal with investments for the Principal, make medical decisions, and make other decisions on behalf of the Principal.  A Power of Attorney may be effective when signed, or may be effective only when the Principal is determined to be incapacitated.  As with the trust, there are many ways that the power given to the Agent can be tailored.  We at Susan I. Jean & Associates will work with you to tailor the document to grant the authority needed. 

 What is a Financial power of attorney?  As you have already guessed, it is a power of attorney that addresses only financial issues. 

 What is a Durable financial power of attorney?  Durable simply means the document continues to be in effect if the Principal becomes incapacitated.   

Advance Directive and Medical Power of Attorney

 An Advance Directive (also called an Advance Medical Directive or Living Will) lays out your medical wishes in case you become incapacitated, and are at the end of your life.  Generally, an advance directive states that you do not wish to be hooked up to tubes or a respirator, but that you do wish to have pain medication. 

 A Medical Power of Attorney names someone to make medical decisions for you if you can't, and if you are not at the end of your life. 

HIPAA Release

 A Health Insurance Portability and Accountability Act (HIPAA) release names people to whom your doctors can speak regarding your medical care. 

1. Estate Planning Intake Married. 2. Estate Planning Intake Single. 3. Asset Analysis for Married Couples. 4. Asset Analysis for Singles.