In March 2020, the World Health Organization (WHO) declared the novel coronavirus (COVID-19) outbreak a global pandemic. To date over six hundred and sixty-five thousand people in the United States, some of whom were otherwise healthy people, have died from this infectious disease, oftentimes leaving grieving loved ones to pick up the financial pieces without a clearly defined plan.
For most people discussing death and its aftermath with loved ones is a conversation they would rather not have, however as difficult as it may be, it is a necessary one if you intend to ensure that your loved ones are protected. Planning and preparing for the inevitable today ensures that your family can focus on the grieving process rather than being overwhelmed by the myriad of financial questions that are bound to arise in the absence of such planning. Kelly Law Practice, PLLC believes that everyone should have a good plan that addresses their unique situation.
A complete estate plan includes:
- Advance Health Care Directive or Living Will, which names and authorizes a person to make healthcare decisions for you if you are incapacitated. The Living Will can also be used to outline your preferences regarding end-of-life care.
- A Health Care Power of Attorney which expands the authority of the decision maker named in the Living Will to include psychiatric and/or hospice care, and burial.
- A HIPAA Release that authorizes doctors and/or medical facilities to release information regarding your physical and medical condition during any period of incapacity, to authorized person(s).
- A Durable Power of Attorney (POA) which appoints a person who will act on your behalf regarding both financial and personal matters, subject to limitations you impose. A POA may become effective immediately or may only come into effect upon any period of incapacity.
- A Will or a Revocable Living Trust which directs the distribution of your assets after your death. While either can accomplish the goal of distributing your assets according to your wishes, a Revocable Living Trust can avoid the probate process, which can be time-consuming and expensive.
Estate planning can be complex, and the process of figuring out the best course of action for your specific circumstances can appear daunting at the outset. Kelly Law Practice, PLLC takes pride in simplifying this complex process and in assisting clients create a plan that protects themselves and their family’s future. Contact Kelly Law Practice, PLLC today to schedule a free case evaluation.