What should be in my Estate Plan? To many people, this basic question is overwhelming and prevents the implementation of even the most basic estate plan. However, individuals can avoid this trap of inaction by initially focusing on the estate planning documents that all individuals should have in place (or at least strongly consider adopting), including a Last Will and Testament, a Power of Attorney, an Advance Health Care Declaration, and a living will. These basic, but incredibly important, documents designate, among other issues: (i) the persons or entities that will receive your assets upon your death; (ii) the person(s) who will administer your estate after your death; (iii) the persons who will be authorized to make financial and/or health decisions on your behalf during your lifetime; and (iv) the life prolonging procedures that you do and do not want to be administered on your behalf.
The attorneys in our Estates and Tax Practice Group regularly assist individuals in addressing these and other important estate planning issues. If you are interested in learning more about these basic estate planning documents and/or other estate planning techniques, please contact Catherine Mihalick of our Estates and Tax Practice Group (firstname.lastname@example.org). We are here to help!