Estate planning is simply getting your affairs in order while you are still able to do so. Typically I recommend a will, a living will, and a power of attorney. They all do different things.
A will sets out how you want your property, aka stuff, divided once you are gone. This covers your house, car, and your personal property.
If you have a life insurance policy or a retirement account, those usually name a specific beneficiary, or person who will get the money, one you pass away. If you do not list anyone, or list your estate, then the probate court may help decide who gets what.
A living will tells how you want to handle things like organ donation.
Finally, a power of attorney is what can authorize someone else to do things for you when you can’t. For example, if you are in the hospital for an extended period of time and someone needs to access your bank account, this document would help them do that. It can also authorize someone to make medical decisions for you if you are unable to make those decisions. Those are just two examples of the many things a power of attorney can do for you.
While these documents may all sound complicated, an experienced attorney can help guide you through what you need, prepare the right documents, and make sure they are signed in the way the law requires for them to be effective.
At Teel & Maroney, PLC, we would be more than happy to meet with you to discuss your goals, and plan a way to help you reach those goals. Just contact us at 731-424-3315.
Attorney Alissa Gay 