There are some estate plan details that many people do not think about. This is one of the reasons why you should work with an attorney to develop your plan. In this post, we will look at some of the aspects that you may not consider.
Child Guardianship and Asset Management
You should definitely have an estate plan in place if you are the parent of a dependent child. A guardian for the child should be named in a simple will, and you should consider the matter of asset management for a minor child.
With this in mind, you can make a living trust the centerpiece of your estate plan. You would act as the trustee while you are living, and a successor that you name would manage the trust after your passing.
Another possibility is a testamentary trust, which is a trust that is contained within a will. It would be created after your passing, and the trustee that you designate would manage assets on behalf of the minor child.
Life insurance can be the source of the funding, and a trust can be the beneficiary of a life insurance policy. Even if you have a trust, you should name a guardian for the child in a simple will.
Letter of Last Instruction
You should consider the hands-on tasks that must be completed by your estate administrator after you are gone. They will need some key information, and you can pass it along it in a letter of last instruction.
People that should be notified about your passing should be listed, and you can provide their contact information. Login data for accounts that are managed online should be included along with a list of property and the location of keys and access codes.
They will also need to know the location of the relevant hardcopy documents. If you have made final arrangements, you should pass along this info as well.
Advance Directives for Health Care
Most people are aware of the fact that you should have a living will to state your life support preferences. At the same time, there are situations that can arise that are not related to the use of life-support.
Your estate plan should include a durable power of attorney for health care with which you can empower someone to make these decisions on your behalf if it becomes necessary.
Another frequently overlooked document is a HIPAA release. Doctors are not allowed to share medical information with anyone other than the patient unless one of these forms is besides.
With regard to the Health Insurance Portability and Accountability Act, it applies to all people that have reached the age of majority. As a result, you would not be able to access your child’s medical information after they are 18 years of age.
You may not consider incapacity planning for teenagers, but you should definitely make sure that your young adult children have signed HIPAA releases.
Power of Attorney for Property
You may be surprised to hear that one out of every nine senior citizens has contracted Alzheimer’s disease, and 32 percent of the oldest old have the disease. This is not the only underlying cause of cognitive impairment, so you should take the possibility seriously.
When you are planning your estate, you should include a durable power of attorney for property to name someone to manage your financial affairs. If you have a living trust, you can name a disability trustee to administer the trust if it ever becomes necessary.
Attend a Complimentary Seminar!
We enjoy meeting members of our community at the complimentary seminars that we conduct on an ongoing basis. They are held at desirable locations, and you can learn a lot if you join us, so we encourage you to take advantage of one of these opportunities.
You can see the dates if you visit our seminar schedule page, and we ask that you register for the session you would like to attend so we can reserve your spot.
Need Help Now?
If you already know that it is time for you to work with a Glastonbury, CT estate planning lawyer to put a plan in place, our doors are open. You can call us at 860-548-1000 set up a consultation appointment, and you can use our contact form if you would rather send us a message.
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