Are You Protected? 3 Documents You Should Have in Place
Estate planning isn’t just for the wealthy or the elderly - an estate plan is an important tool to protect your family and loved ones in case the unexpected or inevitable happens. In today’s health and economic crisis, more families are looking at the plans they’ve made - or haven’t made - and rushing to the phone to contact their attorneys. Each state has its own laws covering what is a legally binding document - what is legal in Missouri may not be legal in Georgia.
If you own a business, are a health care worker, work in the food industry, are over 60 or have underlying health problems, the unfortunate reality is that you are most vulnerable to the long-term impacts of the coronavirus right now. There is no such thing as a perfect estate plan - things change and evolve. But having an estate plan in place will give you peace of mind today, and protect your family tomorrow.
3 Estate Planning Tools You Need Today
1. Will
A will or trust is a legal document that states your final wishes and who is responsible for carrying them out including:
Who will inherit your assets (Who gets your stuff or doesn’t)
Who will care for your minor children
What arrangements you want for your funeral or memorial
If you die without a will in Georgia, that is called intestate. When you die intestate, the state laws determine who will inherit your assets depending on whether you have a spouse, children or other living relatives. Even if you are separated, your spouse will get your stuff without a will!
If your will hasn’t been updated in a long time, or you’ve had major life changes such as births, deaths or a divorce, or moved to another state, it’s time to consult a lawyer to update your will or trust.
2. Advance Healthcare Directives
You need a legally binding document to explain who you want to make your healthcare decisions in the event you become temporarily incapacitated; these documents are called advance healthcare directives. Every situation is unique, and you may give your healthcare proxy to an adult child, a domestic partner, a parent or a close friend.
Your health care directive authorizes someone you trust to instruct your medical team on how you want to be cared for, what treatments you do or don’t want, and what your end-of-life decisions are. If you become ill, you are not in the best frame of mind to make those decisions. Plus, with #SocialDistancing and #ShelterInPlace orders, if you are hospitalized it may be physically impossible to enact a health care proxy or directive.
3. Power of Attorney
A Durable Power of Attorney lets a trusted person whom you choose make legal and financial decisions for you if you are incapacitated. A POA is temporary, not permanent, and you can put very specific conditions on what situations the power of attorney would go into effect. The person you give your POA to is legally acting on your behalf, so it’s important to pick someone whose judgment you trust and who is available to help you.
Your Power of Attorney agent can handle your financial, tax and legal matters if you are not able to do so.
As your trusted legal partner, our team at SmithTaire Legal is here to help you when you need it most. During this difficult time, our virtual office is open and we can help you via telephone, email, FaceTime, Zoom, DocuSign and tools. Schedule an appointment with us today to discuss your situation.