By failing to prepare, you are preparing to fail. – Benjamin Franklin
What are the Basics of an Estate Plan?
Last Will and Testament
A legal document by which a person (known as the “testator”), expresses his or her wishes as to how assets are to be distributed at death. The document also allows you to select a guardian for minor children and to name who you want to manage the estate until its final distribution.
Financial Power of Attorney
A legal document where a person selects a trusted individual to act on their behalf in financial, legal or business matters.
Health Care Power of Attorney
A legal document where a person selects a trusted individual to make medical decisions related to treatment and end of life matters. A Health Care Power of Attorney becomes active when a person is unable to make decisions or consciously communicate intentions regarding treatment. The person you select will carry out the intentions you state in the Living Will.
Living Will
A legal document by which a person declares their intentions regarding life-sustaining medical treatment should the person become permanently unconscious.
HIPAA Authorization
A legal document in which you select the people you want to have access to your medical records and health care information. HIPAA is the acronym that stands for the Health Insurance Portability and Accountability Act. Simply put, this law was created to provide privacy standards to protect patients’ medical records and other health information provided to health plans and other health care providers.