Estate Planning Documents 101
When it comes to making plans for the future of your estate, there are several legal documents that can help you get your affairs in order. Read on to learn more about these common estate planning tools and what they can do for you.
Wills: One of the most common estate planning tools, wills allow you to make plans for who inherits your property. Wills allow you to select an executor to carry out your instructions. You can divide your estate by percentages, or list specific items to be distributed to specific beneficiaries. An executor can also pay off any of your outstanding debts, expenses, or taxes.
Medical Power of Attorney: This document allows you to designate someone to make medical decisions for you if you become incapacitated or otherwise unable to speak for yourself. Your Medical Power of Attorney is obligated to follow your instructions regarding your healthcare decisions.
Advanced Directive: A directive allows you to decide in advance what you’d like to happen if you become incapacitated. For instance, you can choose whether or not you want to receive life support if left in a terminal or irreversible condition.
HIPAA Authorization: HIPAA laws prohibit doctors from releasing your medical information to anyone without your consent. A HIPAA Authorization form lets you choose which people you’d like to have access to your medical records and other healthcare-related information.
Statutory Durable Power of Attorney: The person to whom you grant power of attorney will be able to make legal decisions on behalf of your estate. Depending on the rights you give them, your power of attorney will be able to manage your business interests, titles to property and vehicles, your financials, and more. You can elect that this document only becomes effective upon your incapacity.
Declaration of Guardian of Minor Children: If you have minor children, you can designate a friend or family member to care for them in the event of your death.
Do you have questions about whether any of these documents are a good fit for you?
The Law Office of Katherine Kim, PLLC specializes in comprehensive estate planning packages for individuals and families.
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