At a minimum, your estate plan should include a will, an advanced directive, and powers of attorney. It’s important to understand how each asset will pass to your beneficiaries, as well as your estate as a whole. The best options may vary by asset type and size, your age, goals, and other factors. Contact Dailey Law, P.C. to learn more about your estate plan options and how you can best provide for your loved ones and minimize expenses.
Advanced Directive or Living Will
An Advanced Directive allows you to make your wishes known about the type of medical treatment or other care you want if you become too sick to speak for yourself. In addition to clarifying your wishes, it takes the pressure off of your loved ones from having to make end of life decisions for you.
A will allows you to communicate your wishes regarding the distribution of your assets upon your death. A will may also be used to designate a Guardian and Conservator for minor children. Without a will, state law determines how assets are divided, and the plan for the care of your children which may not reflect your wishes. Contact Dailey Law, P.C. to prepare or update your will.
Durable Powers of Attorney
There are many different types of powers of attorney. Most estate plans include a durable power of attorney, which allows your agent to make decisions for you if you are unable to do so. Many medical providers also require a Medical Power of attorney that includes a HIPPA release.
Probate, a legal process for settling an estate, may or may not be necessary when someone in your family passes away. Estates involving real estate that is not jointly titled, retirement or investment accounts without a named beneficiary, and estates with a value greater than $66,000 require the filing of a probate proceeding. There are many ways to structure your estate plan so that probate is not required. Contact Dailey Law, P.C. to review your estate plan.