Which Of These Powerful Secrets Could You Use To Build Your Ideal Estate Planning Legal Program
- Keep your estate settlement simple;
- Avoid the court-supervised Probate process when you die;
In 2009, approximately 42 million people in the United Stated regularly provided care to an adult who required assistance with daily activities. Another 61.6 million provided care at some point during the year. As the nation’s population ages, more Americans will likely be required to assist aging or disabled parents and other loved ones. Unfortunately, caregivers are not always authorized to make medical decisions for the people they provide assistance to.
One of the easiest and most important steps an individual can take is to create an advance care directive. An advance care directive will generally include a durable power of attorney, a living will, and name a health care proxy. A durable power of attorney will designate an individual to make financial decisions for an incapacitated person. A living will provides instructions for care at the end of a person’s life and will normally specify whether artificial measures such as life support should be used. A health care proxy is similar to a power of attorney except it designates someone to make medical treatment decisions for a person who is no longer able to make such decisions or communicate with doctors.
Understandably, discussing an aging parent’s medical wishes is not always easy. By creating an advance care directive, an individual may be able to alleviate some of the decision-making burden often placed on family members such as children. Oftentimes, loved ones may disagree with one another regarding an individual’s care, or children may have a difficult time making tough medical decisions for a parent. An advance care directive can eliminate emotional obstacles and prevent a caregiver from being required to petition a court for decision-making authority through a guardianship or conservatorship.
Most people assume the main purpose for a will and other estate documents is to control the transfer of property from the deceased person to his or her heirs; however, this is not the case. Estate planning allows you to control much more than the transfer of property. One of the most recent examples can be found in the Estate of Robin Williams.
In his will, Williams restricted the use of his image for 25 years after his death. In his estate, Williams left the rights to his name, signature, photograph, and likeness to the Windfall Foundation. The foundation is a charitable organization that Williams had established prior to his death. The trust is designed to prevent Williams’ publicity from being exploited after his death — for at least 25 years.