Estate Planning Documents

The Will

 

A will governs the distribution of your property.   Without one, the law of intestacy will dictate who will inherit your property - regardless of your wishes - and the process of probating your estate may be unnecessarily protracted and costly.

Two other important benefits of a will are:   it allows you to name an executor to manage the administration of your estate, and  it enables you to designate a guardian for minor children and/or a person to manage their inheritance.

Health Care Proxy

 

A Health Care Proxy enables you to name a trusted person to make medical decisions on your behalf if you are too ill to communicate these decisions yourself.  It also enables you to indicate whether or not you would like your life to be artificially prolonged if you are in a vegetative state with no hope for recovery.

HIPAA Authorization

A HIPAA Authorization enables your designated health care agent to gain access to your medical records.

Durable Power of Attorney

 

A Durable Power of Attorney allows you to authorize an individual to manage your personal and financial affairs in the event that you become incapacitated.  This document eliminates the time and expense required to petition the Probate Court to appoint a Conservator to manage your assets.

Trusts

 

A Trust is used to minimize the delay and expense of the probate process, to protect assets against lawsuits or other claims, and to protect the inheritance of a minor or other individual too young or inexperienced to manage it. The types of Trusts that may work best for you include the following.

  • Revocable Trust, which allows you to give directions and restrictions about how and when assets should be distributed to a beneficiary, may be amended or revoked any time during your life, and allows income to flow to you for income tax purposes.

  • Irrevocable Life Insurance Trust, which takes ownership of your life insurance policy so that the proceeds are not part of your taxable estate.

  • Family Gifting Trust, which is designed to receive and hold gifts of property in order to reduce your taxable estate.

  • Special Needs Trust, which allows you to provide for a loved one with a disability without jeopardizing government benefits.

  • Medicaid Trust, which helps protects your assets if the need for an extended nursing home stay arises.