Now that you have cultivated and grown your estate, it’s time to protect it through careful planning and documentation. Not only is estate planning used to protect assets, you should use these documents to designate a guardian for your children should the need arise. Most young parents are misguided into thinking that estate planning is for the elderly. It is never too early to safeguard your things and loved ones. Contact Jennifer at Rutherford Robertson, P.A. to create estate documents tailored to meet your individual needs. Every Estate Plan should consist of the following documents: Healthcare Power of Attorney, Living Will, Durable Power of Attorney, a Last Will and Testament and possibly a Trust depending on your estate planning needs. Below is a short description of each.

Powers of Attorney

North Carolina recognizes two types of Powers of Attorney: Health Care Power of Attorney and Durable Power of Attorney. Both are legal documents that allow you to designate a specific person to make decisions on your behalf once you become incapacitated or unable to communicate for yourself.

Health Care Power of Attorney

The person you designate as your Health Care Power of Attorney will have the authority to make medical decisions on your behalf once you are incapacitated. That person can be a trusted family member, friend, or physician familiar with your medical history. You then should give a copy to your health care agent and to any alternates you name as well as to your primary physician. You should consider filing it with the Advance Health Care Directive Registry maintained by the North Carolina Secretary of State.

Durable Power of Attorney

The person you designate as your Durable Power of Attorney will have the authority to make all financial, housing and any other necessary decisions on your behalf once you are incapacitated, excluding those related to healthcare, if there is a health care power of attorney.

Incapacitation can be due to several things such as being in a coma, suffering from dementia or any other debilitating disease. Incapacitation can happen before you have had a chance to plan for it. If you do not have Powers of Attorney prepared, please contact Rutherford Robertson, P.A. and schedule your confidential consultation today to have your individualized legal documents drafted.

Living Will

A living will is a legal document setting forth your final wishes so that your health care provider, family and health care power of attorney can respect those final wishes. A living will is commonly referred to as an advance directive, health care directive or a physician’s directive. Items included in a living will are whether you would like to receive life-prolonging measures or would rather have such measures withheld. Family members should not be burdened with having to make these final decisions for you and then wonder if the decisions made were in fact what you would have wanted. What if the decisions made are contrary to yours? Living wills and health care power of attorney are most often executed together. If you do not have a living will drafted, contact Rutherford Robertson, P.A. and schedule your confidential consultation to have that document drafted and make your final wishes known.

Last Will and Testament

A legal document where you outline a roadmap on how you want to administer, dispose of, or distribute your assets, estate and finances once you are gone. A Last Will and Testament will name a personal representative to administer the estate and oversee the probate process. This document will also name the beneficiaries and name a legal guardian or caretaker for your children or pets. Probate is a public, court-supervised process that can be lengthy and costly, and it makes the details of the estate part of the public record.

Revocable Living Trust

A revocable trust is a legal entity created by an individual to manage and protect assets during his/her lifetime. A revocable living trust dictates how those assets are distributed upon the settlor’s death. The settlor is able to amend or revoke the trust as long as they are alive and competent. Trusts avoid probate, which may be appealing to those who value privacy. Funding your revocable trust is an essential step y which involves transferring assets into the trust so that these assets are governed by the terms of the trust agreement. You can fund your trust with real estate, bank accounts, investment and retirement accounts, life insurance and annuities, personal property, etc. The Revocable living trust has three key players: the Settlor, the Trustee, and the Beneficiaries. Understanding the roles and relationships among these three players is essential to the estate planning process.

Whether you are interested in a Will-centered plan or a Trust -entered plan, call Jennifer at Rutherford Robertson, P.A. to engage in estate planning discussions today.