A good estate plan includes the following documents:
A common misconception about estate planning is that it is only important for the wealthy. At Powell Law Group, we believe that everyone needs and deserves an Estate Plan. If you want to preserve the value of your assets, plan for your future and protect your loved ones, you should begin the Estate Planning process as soon as possible. Procrastination jeopardizes the value of your estate, creates uncertainty as to whether your wishes will be carried out and may lead to unnecessary hardship for your loved ones. Remember, if you don’t plan for what happens to you, your assets and your loved ones in the event of your incapacitation or death, the government will do it for you. At Powell Law Group we have the legal knowledge and experience to ensure that you, not the government, decides how you and your family are cared for and how your estate is managed and distributed.
The Tools of Our Trade
Trusts – Trusts are the most comprehensive of all estate planning options. The benefits of a properly prepared trust are numerable and include:
Powell Law Group utilizes various types of Trusts tailored to the needs of our clients, including:
LAST WILL AND TESTAMENT – A last will and testament is a legal document that communicates a person’s final wishes pertaining to the distribution of assets and protection of and guardianship for dependents. This is an effective tool and is included in our Estate Planning Package, however, there are some limitations and disadvantages to a reliance on a Last Will and Testament without other tools. Unlike a Trust, a Last Will and Testament must be probated in court. Probate is a costly and time-consuming process which can delay the distribution of your assets ad protections for your loved ones. The cost to probate a will can exceed $10,000 and may take as long as a year to complete. Therefore, in most cases, when Powell Law Group prepares a Last Will and Testament for a client, we advise they also create a trust in order to minimize costs, decrease the time taken to distribute assets, and reduce unnecessary stress and hardship for their loved ones.
LIVING WILL (MEDICAL DIRECTIVE) – A living will, also known as a Medical Directive, provides guidance to your doctors and medical agent regarding the type of medical support you desire should you be diagnosed with a terminal or irreversible condition.
DURABLE POWER OF ATTORNEY – A Durable Power of Attorney is a legal document signed by a competent adult appointing an agent, a trusted person, to make day-to-day financial and property related decisions for him or her.
MEDICAL POWER OF ATTORNEY – A Medical Power of Attorney is a legal document signed by a competent adult giving an agent, a trusted person, the authority to make health care and medical decisions when the person is no longer able to make them.
DECLARATION OF GUARDIAN IN ADVANCE – A Declaration of Guardian in Advance is a legal document wherein a person names a guardian should that person become incapacitated.
HIPPA RELEASE – A HIPPA Release is a legal document which allows your healthcare provider to share your healthcare history with a person or persons you designate as an agent or agents.