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No one knows what is on the horizon, or what tomorrow brings. That is what makes Estate Planning so important. The attorneys at HagEstad Law Group seek to be your Surprise Wills, Trusts & Estates Lawyers. Whether you seek simple Estate Planning or more comprehensive, generational wealth and tax planning, HagEstad Law Group can help.
Basic Estate Planning- The Ins and Outs
There are five basic documents that consist of a "basic" Estate Plan. Quite often people assume that by having their Will done they have everything covered. That is simply not the case. a Basic Estate Plan includes the Last Will and Testament, a General Durable Power of Attorney, a Medical Power of Attorney, Health Care Directive and a Medical Authorization. All of these documents work together to help you, and your loved ones, to manage your estate during your life should an issue arise, and after you pass away. Each document contained in a Basic Estate Plan serves a distinct purpose. Therefore, thoughtful consideration should be given to the beneficiary or authorized person named in each document.
What is the Difference Between a General and Medical Power of Attorney?
Surprisingly, only the first document, the Last Will and Testament, actually focuses on your Estate after you have passed away. The other four documents all concern actions taken during your lifetime. As mentioned above, each document serves a distinct purpose. Sometimes, there is some confusion as to what purpose each document serves. The most common confusions centers around the General Durable Power of Attorney and the Medical Power of Attorney. The General Durable Power of Attorney grants the holder the ability to make certain, enumerated, financial decisions on your behalf. The Medical Power of Attorney grants the holder the ability to make certain medical decisions on your behalf if you are unable to do so on your own.
What Purpose Do the Health Care Directive and Medical Authorization Serve?
The Health Care Directive is another confusing document, as it is sometimes called a "Living Will". The Health Care Directive tells your treating physician and medical team what type of treatment you would like to receive if you are suffering from a persistent medical condition from which you are unlikely to recover. Medical conditions include issues such as end stage renal care or a persistent vegetative state. You can choose to receive all possible care or not.
For the Medical Authorization, this is an authorization form that allows you to designate certain persons to obtain confidential medical information about you. It is particularly important that any individual you name as the holder of your Medical Power of Attorney as a person who can receive medical information about you. This will aid them in their ability to make informed medical decisions on your behalf.
If you have questions, or would like to set up an appointment to get your Estate Plan in order, call HagEstad Law Group today. Appointments are free, and there is no obligation to purchase our services. Home and hospital visits upon request. Call Surprise's Trusted Trusts, Wills & Estates Lawyers at HagEstad Law Group. 623-999-1728.
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HagEstad Law Group, PLLC is your trusted law firm to handle any estate law needs you might have.