A properly drafted estate plan directs your financial and healthcare wishes and desires in the event of incapacity, traveling abroad or death. We recommend that you create the following legal documents prior to having an issue. This is essential because you do not want the courts or outside factors to control your affairs.
The documents that typically encompass an estate plan include:
- Will (includes financial direction and may include guardian information for minor children).
- Revocable Trust, Special Needs Trust and Irrevocable Trust (not all people require Trusts).
- Durable and Non-Durable Power of Attorney (for financial affairs).
- Health Care Directive or Health Care Proxy (provides an Agent - a trusted person you select to make healthcare decisions on your behalf in case of incapacity).
- Living Will (life sustaining options).
- Do Not Resuscitate (DNR) vs. Resuscitate (legally inform loved ones of your decision).
- HPPA Release form (permits the release of medical record to your Agent in case of incapacity or unavailability).
Starting a conversation about Estate Planning and the circumstances surrounding it can be challenging, and therefore is delayed or avoided. But creating these documents during a time of distress immensely compounds an already difficult time. The first step is to start a conversation with your family about your care and theirs too, including having discussions with elderly parents/relatives about their wishes and plans. Children of majority age are often overlooked when it comes to preparing Healthcare Proxies and HPPA release forms. Be sure to have your young adults grant healthcare provisions to you or your spouse.
Although some of these documents can be obtained from multiple resources, or created by a boxed form, frequently it is preferable to retain a reputable attorney knowledgeable in estate planning licensed to practice in your state to prepare customized documents.
We at Vertex Wealth Management, LLC are proud to be a resource to you; for more information about Estate Planning and other financial subjects, contact our office at (516) 294-8200 for an initial complimentary financial consultation.
Sincerely,
Michael J. Aluotto, CRPC®
Vertex Wealth Management, LLC
President
Private Wealth Manager