The part of an estate plan that is familiar to most people is the will. A will is sometimes called a Last Will and Testament and is simply your instructions on how your property is to be distributed after your death. The basic document for an estate plan contains the instructions on distribution. Many people think that an estate plan is just a will, but there are many other things to consider even for a simple estate plan.
A living will describes your specific wishes on how a hospital would provide life support if you should ever have an illness that allows no chance of recovery. There are several other documents that can be used for more advanced estate planning.
Health care directives
A health care directive is your authorization given to someone else to make health care decisions for you if you should ever be unable to make those decisions for yourself. Unless you say otherwise, the person you name has the same authority to make health care decisions as you have.
Durable power of attorney
A power of attorney is your authorization given to someone else, maybe a spouse, a child or a parent, who will make financial decisions for you if you should ever be unable to make those decisions for yourself. This authorization is a very important legal right, so generally it is better to make a power of attorney effective only when you become incapacitated and cannot handle your own affairs.
The knowledgeable and professional estate planning attorneys at Tuesley Hall Konopa can help business owners and individuals plan for the future, preserve assets, minimize tax consequences and guide you in the attainment of your financial goals. Call 574.232.3538 to schedule a consultation appointment.