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Six Estate Planning Documents You Need…Yesterday

by Phil Levin, Esq. on September 17th, 2010

There are six (6) vital estate planning documents that every responsible adult needs. Unfortunately, over 70% of Americans do not have an up-to-date estate plan, for a variety of reasons.

While all of us are busy handling day-to-day work matters and family situations, life unfolds in unpredictable ways and unexpected events often occur which place us in unfortunate circumstances.

Estate planning is a process, not a one time event.

A comprehensive plan should include proper preparation of a Will; Durable Financial Power of Attorney; Health-Care Power of Attorney; Advance Medical Directive; HIPPA Waiver Authorization; and List of Assets.

In a nutshell, the documents set out below speak for your clients in the event of illness, injury, incapacity or death. These documents provide families with vitally important decisions about: (a) Selection of a person to manage property; (b) How clients want their assets invested and distributed; (c) Who should be responsible for making medical decisions if a client is unable to communicate their wishes; (d) Who should raise a minor child; and much more.

Following are Six Vital Estate Planning Documents:

  • Last Will and Testament
  • Durable Financial Power of Attorney
  • Financial Health-Care Power of Attorney
  • Advance Medical Directive
  • HIPPA Waiver Authorization
  • List of Assets

We highly recommend that you work with competent estate and tax counsel to create an up-to-date estate plan designed to provide protection for themselves now, and for their families in the future.

As the saying goes: “Besides death and taxes, the only constant in life is change.”

Clients who have a current estate plan should review it with their attorney every three (3) to five (5) years to make sure their plan is current, based upon changes in federal and state laws, along with personal and financial changes that may have occurred since their plan was originally created.

For more information about the purpose of each of the “6 Estate Planning Documents Your Clients Need…Yesterday”, and to review other planning strategies that may be of value to you, please contact our office to arrange a Complimentary Consultation at (610) 977-2443.

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