Estate
planning is a process in which a person (testator) plans for their future
care and eventual demise. The
estate plan is a combination of documents that work in conjunction with one
another to ensure that the testator’s wishes, in life and thereafter, are
carried out to the fullest. Estate
plans are not only for the wealthy but are needed when children are involved
and when there may be any reason to believe that the testator’s family may
not follow the wishes of the testator.
For same-sex relationships an estate plan is imperative.
The documents most often found in an estate plan are as follows:
Last
Will and Testament
The will is the basic starting block for any estate plan.
It is the means by which the testator documents their wishes and desires
for the disposition of their assets and the means in which to pay their debts.
The document should also address the guardianship of their children,
should there be any. Further,
the will determines who will be the person or persons appointed to handle
the estate (the executor.)
Declaration
of Guardian
The Declaration of Guardian form is the means by which the testator may designate
who will be allowed to serve as the guardian of your person and of your estate
should the need arise.
Statutory
Durable Power of Attorney
The Statutory Durable Power of Attorney is the means by which the testator
may designate a person or persons to manage their financial affairs should
they you become mentally or physically unable to do so themselves.
This document does not have any relevance on the person but instead
is solely for the affairs of the testator’s financial affairs.
Revocation
of Power of Attorney
The Revocation of Power of Attorney is the means by which the testator may
legally revoke and previously existing powers of attorney.
This document must be filed in the deed records of each county in which
the Power of Attorney was file for it to be valid.
Health
Care Power of Attorney
The Health Care Power of Attorney is the means by which the testator may designate
a person or persons to make medical care decisions on behalf of the testator
should the testator become mentally or physically disabled. This document
allows the testator to decide when it becomes active.
It can be active upon signature or the testator may decide to allow
it to become active only upon the determination of disability is certified
in writing by a competent physician. The agent also has the authority to consent,
refuse to consent or withdraw consent to medical treatment and may make decisions
about withdrawing or withholding life-sustaining treatment.
Directive
to Physicians
The Directive to Physicians (also known as a "Living Will") is the
means by which the testator requests the physicians follow the instructions
of the appointed agent as defined in the Health Care Power of Attorney.
The directive directs the use or non-use of extraordinary means to
preserve your life in an artificial state.
Authorization
for Hospital Visitation
The Authorization for Hospital Visitation is the means by which the testator
may authorize who may and may not have access to visitation during any hospital
stay of the testator. This is
most often used in same-sex and non-traditional family situations where the
testator’s family may take steps to exclude the testator’s life partner from
visiting them in the hospital.
Authorization
for Disposition of Remains
The Authorization for Disposition of Remains is the means by which the testator
may designate the individual or person that will determine the disposition
of their remains. This is most
often used in same-sex and non-traditional family situations where the testator’s
family may take steps to exclude the testator’s life partner from the planning
of and attendance at the funeral services.
