At some point in life, most of us will face incapacity, and all of us will pass away. There are documents you should have in place to prepare for both scenarios, making sure your affairs are handled and your estate goes to whom you want, how you want.
1) Last will and testament- Appoints the guardian(s) over minor children and nominates the executor of your estate when you have passed away.
2) Living Trust- Ensures that your estate avoids the expense, delay, and publicity of a probate. The trust holds title to your assets so that everything is managed according to your wishes and without the court's involvement.
3) HIPAA- Authorizes the release of your medical information to your loved ones if you are incapacitated.
4) Health Care Power of Attorney- Nominates an individual to make medical decisions on your behalf when necessary.
5) Mental Health Care Power of Attorney- Gives someone the ability to commit you to a behavioral health care facility. If you get Alzheimer’s or dementia this will allow your agent to get you the help you need.
6) Property Power of Attorney- Nominates someone to handle your financial affairs if you are mentally incapacitated.
7) Living Will- Lets the doctors know your end-of-life desires, such as whether you want to be kept on life support if in a persistent vegetative state.
If you have not created these documents, it is imperative that you do so. If you have created these documents it is important to have them reviewed every three years.
Contributed by MH Phoenix, Scottsdale and Arrowhead Estate Planning Attorney and Partner David T Eastman.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.