What estate planning documents you need varies from person to person and can include several different documents. Some of the typical documents included in estate planning are: a will, a power of attorney, a health care surrogate, and a trust. You may need all of those, or only some of them. There are also other documents that can also be part of the plan, such as a HIPAA Authorization and a living will.
A will outlines your wishes and directs how you wish to dispose of your property after you pass away. If you have minor children, it can also direct who you wish to take on the responsibility of guardian. Wills can also provide burial instructions.
A power of attorney allows a trusted individual to stand in your shoes and make decisions on your behalf. Some of the typical powers granted to a power of attorney include the ability to: access bank accounts, sign contracts, and make gifts. A power of attorney can generally be as broad or as narrow as you wish. A power of attorney can even be so limited that it only allows for one specific act.
A health care surrogate names a trusted individual to make medical decisions for you if you are unable to make them yourself. You can also include specific instructions about treatment you do or do not want. A living will is on the other hand, is a statement of the kind of medical care you do or do not want should you become unable to make your own decisions.
A HIPAA Authorization is a form that you can send to your doctors that authorizes them to speak to another individual about your medical treatment. The authorization can also be used to release records to that individual.
If you do not have some of the basic estate planning documents, or if it’s been awhile since you updated your estate plan, contact a local attorney today.