Caring For Yourself with the Right Estate Planning Prescription

To all front-line and “essential” workers: Thank you for all your hard work—day in and day out (often evenings, nights, and weekends). You tirelessly give of yourself to care for some of the most vulnerable people in our society. Whether you are caring for them in a hospital, therapy room, or patient’s home, you are there to protect and help the patient gain a better tomorrow. 

However, one important question remains. What have you done to prepare for your care? Working together, we can craft the best possible estate planning prescription that will protect you today, tomorrow, and well into the future using the best legal tools available.

Revocable Living Trust

A revocable living trust is an excellent way to manage and protect your money and property. Contrary to what some may think, you don’t have to have lots of money and property to benefit from a trust. The trustee and beneficiary are the two major players involved in a trust. During your lifetime, as long as you can and choose to do so, you can act as the trustee and control all money and property in the trust. However, when managing the money and property, you are now the trustee, not the individual owner. In addition to serving as the initial trustee, you are also the beneficiary. This means that although you have transferred your money and property into the trust, you are still receiving the benefits of that money and property. 

Suppose you cannot act (i.e., you become incapacitated) or pass away. In that case, the individual you have named your successor trustee will step in and manage the money and property according to the instructions you have included in the written trust agreement. Even if you are still alive when the successor takes over, the successor trustee will be responsible for managing and using the money and property for your benefit. Then, upon your passing, the successor trustee is required to hold or distribute the trust funds and property according to the trust instrument's instructions. This transition of trusteeship between you and your successor trustee happens without court involvement, making it quick and private.

Financial Power of Attorney

A financial power of attorney allows the trusted person you choose (your “agent”) to handle your financial matters. The agent can handle various transactions, from signing checks to opening a bank account to filing your taxes, depending upon the authority you grant that individual in the power of attorney. This can be helpful if you are incapacitated, bedridden, or unavailable to engage in the necessary transaction. The beauty of this document is that you can customize it so that you will have the assistance you need when you need it, based on your situation and wishes.

Health Care Directives

As you are probably well aware, a medical power of attorney allows you to name a trusted individual to communicate your medical wishes if you cannot do so. You must choose someone you trust because you cannot oversee your agent’s decisions. It is equally vital that you convey your wishes to this individual. This can be accomplished through a living will or advanced directive. 

Additionally, you can execute a HIPAA authorization if you would like other trusted individuals to access your medical information (i.e., to get a status update on your condition or obtain test results for you) but do not want them to have the ability to make decisions. In a stressful situation, the dissemination of reliable information straight from the healthcare provider can be a way to ease tensions and allow everyone to process what is going on with a level head.

How We Can Help

We understand that you are busy and your time is valuable. To better assist our clients, we are available to meet by telephone or video conference. We may also be able to use remote procedures to sign and execute your documents, eliminating the need for you to come into our office. Your estate planning should not have to wait until you have a day off. Give us a call so we can get started caring for you right away.

Treetown Law is here to help you every step of the way. Please contact us today to get started!