A good estate plan accounts for both incapacity and death.
Life is full of surprises.
Some good.
Some bad.
Do not be caught off guard by incapacity.
According to an article in Las Cruces Sun-News titled “Getting affairs in order,” there is no time like the present.
What specifically should you do?
Determine who holds your same views and values.
This person will be the one you should choose as your health care agent.
Alternates should also be considered.
Be sure the selected individuals agree to accept the responsibility.
Write a health care treatment directive.
What will this do?
With this document, you set guidelines for decisions made by the health care agent and provide limits to his or her power.
This must be created while you are of sound mind.
Create a durable power of attorney for health care.
This names the agent who can make medical decisions on your behalf.
Designate a general durable power of attorney for finances.
Your money will still need to be managed while you are incapacitated.
Choose someone trustworthy to manage your fiscal affairs while you cannot.
Sign a HIPAA release.
This will grant access to your medical records for your loved ones and designated health care agent(s).
Set up a revocable living trust.
Assets you place in the trust are still managed by you, as long as you are the trustee and have legal capacity.
Once you have passed, your beneficiaries can receive these designated assets—bypassing probate.
Sign a will.
A will directs the distribution of your assets that are subject to probate following your death.
There is no benefit to procrastination.
Find and work with an experienced estate planning attorney to create a plan for your specific situation.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
How?
Two helpful online resources are just a mouse click away to assist with your due diligence: Avvo.com and Lawyers.com.
Check any Avvo ratings, client ratings/testimonials and attorney endorsements on Avvo.com and any "peer ratings" by judges/other attorneys and any client ratings/testimonials on Lawyers.com.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: Las Cruces Sun-News (January 1, 2017) “Getting affairs in order”
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