Estate Planning, Wills, Living Wills, Trusts and Power of Attorney
It is a subject none of us want to think about and one we often procrastinate in taking care of. Nevertheless, it is so important to have these documents in place should you become incapacitated and need assistance for yourself or in the event of your death designating how you want your property to be distributed. Dolaghan Law can help you plan your property transitions and make sure that your property goes to the intended beneficiary instead of letting state law dictate the outcome. There are several documents that should be included in your estate plan.
Will – is a legal document that expresses a person’s wishes how their property (assets) are distributed after their death.
Living Will – specifies your wishes for medical treatment for emergency or end of life care should you become incapacitated or unable to communicate those wishes yourself.
Health Care Surrogate – allows you to specifically designate a person or persons to make medical decisions on your behalf in the event you are unable to do so and your living will doesn’t specifically address the medical care in question.
Trust – Is usually used for minimizing estate taxes or as a measure to avoid probate. A trust is a fiduciary arrangement that allows a third party, or trustee to hold assets on behalf of a beneficiary or beneficiaries.
Power of Attorney – A durable power of attorney authorizes another person to take care of all your affairs as if they were you. This document gives a that person broad powers and stays in effect as long as you live or until the power of attorney is revoked. This document becomes very important in the event you become incapacitated and unable to handle your personal affairs.