Law Offices of Scott Glatstian, LLC
What is an estate plan?
Estate planning is fundamentally about preparing yourself and your loved ones to deal with future scenarios where you will not be available to manage your own affairs. Essentially, an estate plan makes sure that your wishes are followed in the event you either:
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Fall ill, or
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Pass away
When these unfortunate events occur it's important to make sure that you have a plan in place that covers all of your bases. If you're not sure whether you need an estate plan, ask yourself these questions:
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Will my assets go where I want them to when I pass away?
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Who will pay my bills and manage my finances if I fall ill?
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Who will speak to my doctors and make treatment decisions for me if I'm unable to do so myself?
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Have I done everything possible to ensure that my children are fully taken care of if I were to pass away unexpectedly?
A well designed estate plan will provide clear answers to these questions as well as detailed instructions for everyone involved in your life providing them with guidance on how to manage your affairs if you're not able to manage them on your own anymore.
What documents are in an estate plan?
A good estate plan is going to include six fundamental documents, and may also include a seventh (a living trust) when it makes sense to do so based on the clients needs. Here's a quick rundown of what each document accomplishes:
Last Will and Testament: A document that lays out who will receive your assets upon death. This document will also name your choice of guardian for any minors currently under your care.
Revocable Living Trust: A document that works alongside your will to provide more detailed instructions as to how your assets are to be distributed. Assets held in the trust avoid the court process of probate and remain private.
Power of Attorney for Finances: A document that authorizes someone you name to act on your behalf with regard to financial matters. This ensures that your financial life does not come to a standstill in the even you are ill or otherwise unable to manage your finances.
Power of Attorney for Healthcare: A document that authorizes someone to speak with your doctors, review medical records and ultimately make treatment decisions on your behalf (for example in a situation where you are unconscious and someone needs to decide on the next steps for your treatment).
Living Will: A document that lays out your specific preferences for various treatments and conditions, providing your family with guidance on how to proceed if they are ever in the difficult position of making medical decisions on your behalf.
HIPAA Authorization: A document that authorizes a person or people to speak with your medical professionals, even if you are able to do so yourself (but not feeling up to the task).
When you book your free video consultation the attorney will review these documents with you, answer your questions regarding them and discuss exactly how an estate plan will benefit you and your loved ones. Get started now by clicking below to schedule your consultation.