WHAT IS ESTATE PLANNING?
Estate Planning is a broad umbrella which covers various aspects that protect your family from unexpected and sudden events which affect your assets and loved ones.
WHY IS AN ESTATE PLAN IMPORTANT?
Estate Planning has become more important in the past years due to the uncertainty of life. The simple fact is life is unpredictable. However, there are steps you can take to make the affects of the unpredictability of life easier on you and your loved ones.
WHAT DOES A TYPICAL ESTATE PLAN INCLUDE?
Revocable or Irrevocable Trust
Trusts can be revocable or irrevocable. Revocable trusts can be amended or terminated during your or your spouse's lifetime. An irrevocable trust, on the other hand, cannot be revoked or terminated, once it has been created. Talk to SrivasLaw to find out more about the differences and what is the best fit for you and your family.
Guardianship appoints guardians for your minor children in the event that you and your spouse are unable to take care of them. There can be temporary or permanent guardians, depending on your situation, so talk to SrivasLaw to find out more.
Power of Attorney
Power of Attorney gives certain "powers" to someone else you appoint as your agent to make decisions on your behalf. A Power of Attorney becomes important and relevant in situations where you may be incapable of making any decisions due to lack of mental capacity. There are different types of Power of Attorney, ranging from a Financial Power of Attorney to a Healthcare Power of Attorney. Talk to SrivasLaw to find out more.
The purpose of a Healthcare Directive is for you to make decisions relating to your life in the event that you are unable to make a decision when a life event occurs. This is often times called a "living will" and takes the pressure off a loved one from having to make some tough decisions. Such decisions include life support or donation of your organs or specific final disposition instructions. Talk to SrivasLaw to find out more.
The Health Insurance Portability and Accountability Act ("HIPAA") is a regulation designed to protect a person's information and data collected and stored in medical records. Therefore it is important to have a HIPAA Authorization where you can authorize certain individuals to obtain your healthcare records in the event that important health decisions need to be made on your behalf. Talk to SrivasLaw to find out more.
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