Wills / Living Wills / Estate Planning / Powers of Attorney
Do I need a Will?
Yes. A will allows you to direct how their assets will be distributed. If you have minor children, it allows you to select the guardian for your children.
What is a Simple Will?
A simple will says who will get your personal and real property after you die. It also names the personal representative who will administer your estate and a guardian for your children. It does not deal with tax or estate planning issues.
Do I need more than a Simple Will?
There are a number of situations that might require more complex estate planning. If your estate, including life insurance and pensions payable to your survivors, totals more than $1,000,000 in 2002, federal estate tax applies. Proper planning can greatly reduce or eliminate federal estate taxes depending on the size of your estate. Further, proper planning can also make sure there is cash available to pay any taxes that may be due. If you have a child with special needs, you may need to establish a trust to best provide for that child. Other situations may also require more complex wills or trusts.
What is a Living Will?
A living will is a document that gives directions for life sustaining treatment if you are terminally ill or in a coma. You may use a living will to direct that life sustaining treatment be continued or withheld.
A durable power of attorney can address your health care and financial decisions. A proper financial power of attorney can proved to be invaluable for proper future benefit planning. A durable power of attorney for health care can be combined with a living will. This allows someone you name to make your health care decisions. You may also leave specific directions for your care.
An emerging area of the law that deals with the issues confronting the elderly.