I’m fine. The future will happen whether I plan or not.
AND IF YOU DON’T, THE COURT WILL PLAN FOR YOU.
ESTATE PLANNING/SPECIAL NEEDS
Advance planning is the cornerstone to making your wishes known to your family and friends when you are no longer able to make decisions. It also offers you the opportunity to protect the financial future of a family member who has special needs.
When you do advance planning, you are in control. You make decisions and let family and friends know what you want and avoids crisis decisions. It also helps save time, money and frustration that a court intervention can easily cause for those family members that are left with a mess because you didn’t plan.
Basic Estate Planning Documents
Whether you need one document or all of them will depend on your individual circumstances. Everyone 18 and older should have estate planning documents. CLICK HERE TO CONTACT US
The most common advance directives are a Durable Power of Attorney, Designation of Health Care Surrogate, and Living Will.
Durable Power of Attorney
The document provides authority to 1 or more people to manage your financial affairs.
Health Care Surrogate Designation
This allows the person you choose to access medical information and consent to medical treatment.
As you near the end of life, this is your written preference as to life sustaining procedures when you are unable to communicate. It provides direction to you family and friends of your decisions and alleviates, some but not all, of the anguish they face at this time.
Last Will and Testament
Commonly referred to as a Will, the document states who you want to receive your property after you die. It is for property only in your name. A Will is only given effectiveness when it is submitted to the court during the probate process.
There are many types of trusts. The common element to all trusts is that the Trust is the legal owner of the assets in the name of the Trust. The Trust determines who controls the assets and how the funds are used for you, your family, and anyone else you choose.
A family member with Special Needs has unique future considerations. We can help with First Party and Third Party Special Needs Trusts if appropriate. We take a holistic approach when discussing your estate plan as one size does not fit all.
Supportive Decision Making
An individual with an intellectual disability or mental health diagnosis may need assistance in making decisions. Planning can include a supported decision-making agreement to meet the individual’s needs. The plan is a voluntary agreement between an individual and those who will provide support. The plan is complimentary to other advance directives, allows autonomy, and may avoid the need for guardianship.
Don’t be overwhelmed by all the terms. We can help determine the best estate plan for your situation. CLICK HERE TO CONTACT US