Happy New Year from the team at Saraiya Pllc!
Perhaps one of your resolutions is to stop procrastinating on your estate plan. Rather than a morbid undertaking (pun intended – sorry), this process can be empowering and relieving. A couple of hours of planning, drafting, and signing personalized documents can offer immeasurable peace of mind to you and your loved ones for that time in the hopefully distant future when they become relevant.
Our standard Estate Planning packet (EP packet) includes the following: HIPAA Release; Medical Power of Attorney; Advanced Directive; Statutory Durable Power of Attorney; and a Will. Our advanced packet includes all of above and a Trust.
Here’s a brief overview of each . . .
HIPAA (Health Insurance Portability & Accountability Act) Release
- Authorization for any health facility or provider to disclose protected health information to the agents you have chosen.
- Effective immediately upon execution.
Directive
- Written communication of YOUR WISHES for receiving life-sustaining treatment in the event you have a terminal or irreversible condition.
- Removes the burden from family and friends if the toughest decisions have already made for them.
Medical Power of Attorney (Med PoA)
- Designation of an Agent (and successor Agent(s)) to act on your behalf regarding medical/health care decisions.
- Typically effective immediately upon execution.
- Applies only during lifetime.
Statutory Durable Power of Attorney
- Similar to the Medical Power of Attorney in that Agent(s) are designated to act on your behalf regarding property transactions.
- Typically effective immediately upon execution.
- Applies only during lifetime.
Will
- Document containing your appointments for executor(s), trustee(s), guardians, and directions for disposition of your assets.
- Takes effect upon death.
Check back for future blogs explaining trusts and why they may/may not be recommended for your individual circumstance.