Estate Perscription

Take Care of Yourself with the Right Estate Planning Prescription

To all healthcare workers: Thank you for all of your hard work – day in and day out (and often evenings, nights, and weekends). You tirelessly give of yourself to care for some of the most vulnerable people in our society. However, one important question remains. What have you done to prepare for your own care?

A revocable living trust is an excellent way to manage and protect your money and property. The two major players involved in a trust are the trustee and the beneficiary. During your lifetime, as long as you are able and choose to do so, you can act as the trustee and can control all money and property in the trust.

In the event you become incapacitated or pass away, the individual you have named as your successor trustee will step in and manage the money and property according to your exact instructions. This transition of trusteeship between you and your successor trustee happens without court involvement, making it quick and private.

A financial power of attorney allows the trusted person you choose (your “agent”) to handle your financial matters on your behalf. The agent can handle a wide variety of transactions from signing checks to opening a bank account to filing your taxes, depending upon the authority you grant that individual in the power of attorney. This can be a helpful tool if you are incapacitated, bedridden, or just unavailable to engage in the necessary transaction.

And as you are probably well aware, a medical power of attorney allows you to name a trusted individual to communicate your medical wishes in the event you are unable to do so. It is important that you choose someone you trust because you will not be able to oversee your agent’s decisions. It is equally important that you convey your wishes to this individual clearly. This can be accomplished through the use of a living will or advanced directive.

I understand that you are busy and your time is valuable. To better assist my clients, I am available to meet by telephone or online video. We may also be able to use remote procedures for the signing and executing of your documents, eliminating the need for you to come into my office at all. Your estate planning should not have to wait until you have a day off. If you need help, contact me. You can reach me at (480) 719-7333.