by Peter Klenk, Esq.

An Estate Plan may include many different documents and strategies designed to meet a client’s specific situation, but all Estate Plans should include three basic documents; the Will, the Power of Attorney and the Living Will/Health Care Directive.

The Will: A Will in the core of your Estate Plan. Along with beneficiary designations and jointly held assets, the Will lays out your wishes for your assets after your death. A Will also names your Executor, who is the person you trust to carry out the Will terms as well as settle your estate’s debts and legal obligations. If you have a minor child, your Will should also nominate a Guardian who will care for your child until the child reaches age 18. A trust can contain much more, such as trusts to protect assets from creditors and your children’s marital problems, but this will depend on your individual circumstance.

The Power of Attorney: If you become incapacitated or are otherwise unable to take care of medical or financial matters, a Power of Attorney names your Agent who has the power to act for you. These documents can be General, meant to give your Agent broad powers, or Special, meant to convey only limited powers. The Power of Attorney can also be limited to financial matters or to only medical powers, or both. Should you ever become incapacitated and not have executed a Power of Attorney your family will be forced to Petition the Court to appoint a guardian to care for you.

Living Will/Health Care Directive: While you are competent you make all decisions regarding your medical care, but if you are not competent someone must make decisions for you. If those decisions are about stopping the delivery of health care and allowing you to die, the person you appoint is your Surrogate. The Surrogate steps into your shoes, reviews your medical file, listens to the doctor and, if the doctor and the Surrogate both agree that further medical care is useless, the Surrogate can sign the necessary paperwork to remove you from medical care.

To learn more about these basic documents and many others, please contact our office to schedule an appointment.