Estate Planning Series Pt. 2 – Tell Me More About a Simple Estate Plan
Still want to learn more about a simple estate plan with The Standish Law Firm, LLC? Each plan is tailored to you and your family’s needs and considers your specific circumstances.
First, your Durable Power of Attorney can be a full or limited power and takes effect as soon as you sign the document in front of a notary. A Durable Power of Attorney is only effective while you are living. An example of a limited power is granting a friend, who has possession of your vehicle only while you are on vacation, to drive your vehicle for their own benefit and have regular maintenance completed on the vehicle. An example of a common full power of attorney is spouses granting a full durable power of attorney to each other, enabling them each to handle a range of issues for each other, streamlining many transactions which require approval from both parties. Whoever you nominate to serve with this power is a fiduciary and cannot lawfully take any action which is harmful or detrimental to the granting party.
Next, your Medical Power of Attorney can contain instructions such as if you want to donate your organs and instructions regarding end of life care, such as nutrition and hydration. This topic is hard for many people to discuss with their loved ones but allows the granting party to plan for and have control of their end of life care.
Finally, is your Last Will and Testament. This document does not take effect until you pass away. The document can be modified, according to specific state-based rules, any time prior to death. The person dictating their Last Will and Testament can declare their heirs, specifically decide who will receive the property from their estate and pick the person in charge of carrying out their wishes. If the person has minor children, they can nominate a guardian for the children, and if they so choose, create a trust for the care and maintenance of their children. The creation of a trust can occur in a Last Will and Testament, or be separate documents, depending on each individual’s circumstances and needs. If you have additional questions about a simple estate plan or would like to start your simple estate planning today, The Standish Law Firm, LLC, is accepting clients for simple estate planning on a flat-fee basis.