Forming a Complete Estate Plan

Estate planning is generally thought of as the drafting of wills, trusts or other documents used to transfer property before or after death to those who you wish to receive your estate.

In addition to a Will and/or trust, a complete estate plan consists of several other documents which provide protection against disability or incapacity and can outline a person’s desires regarding medical care and end-of-life decisions. These documents typically include a durable power of attorney, a medical power of attorney, a medical directive (living will), an appointment of agent to control disposition of remains, and a declaration of guardian.

Key Documents for a Complete Estate Plan

The functions of these documents are outlined below:

Durable Power of Attorney

This enables an individual to designate other people as authorized agents with regards to financial matters. This allows the designee access to the individual’s bank accounts and other assets with the ability to buy and sell and otherwise manage the assets. This document can be drafted to take effect immediately or upon the determination of an individual’s incapacity.

Medical Power of Attorney

Similar to the durable power of attorney, the medical power of attorney allows an individual to entrust other people with decisions regarding medical treatments should the individual be incapacitated or otherwise unable to make decisions regarding medical treatment.

Medical Directive (Living Will)

This document allows an individual to specify the level of care they would like should they be diagnosed with a terminal or an irreversible condition. A person can also specify what actions and procedures they desire (pain medication, resuscitation, etc.). The medical directive works in conjunction with the medical power of attorney to ensure that the individual’s wishes are carried out.

Appointment of Agent to Control Disposition of Remains

This document allows an individual to appoint a trusted person to manage the disposition of their remains in accordance with their desires. Many people make pre-need arrangements with the Neptune Society or a funeral home so the person you appoint must know of your pre-need arrangements in advance. If you have religious and/or cultural requirements that must be observed for your death you should strongly consider appointing someone familiar with the customs regarding your specific death rites.

Declaration of Guardian

Should an individual need guardianship of person or estate, this document allows them to name people to serve as guardians, as well as people to exclude from service as guardians.

Planning for the future may seem overwhelming, but you don’t have to navigate it alone. A comprehensive estate plan ensures that your wishes are carried out and your loved ones are protected. Whether you’re just starting the process or need to update an existing plan, we’re here to help. Contact us today to schedule a consultation and take the first step toward peace of mind.