Collin County Living Well Magazine July/August 2018 | Page 33

DO I REALLY NEED AN ATTORNEY?
C
By Leu & Peirce, PLLC
reating a Will and a solid
estate plan is one of the
most important things you
can do for your
loved ones. How-
ever, according to a recent sur-
vey, only four in ten American
adults have a Will and less than
that have powers of attorney
in place. One of the things we
hear most often when provid-
ing education about Wills and
other legal documents is: “Why
do I need an attorney? Can’t I
just do this myself?” While we
understand the desire to save
money, we know that the do-it-
yourself approach can end up
costing your loved ones more
time and money in the long run,
even in a “simple” estate.
The biggest obstacle to overcome
when preparing a good estate plan,
is ensuring that all of the necessary
documents are included. In addition to
a Will, everyone over the age of 18
needs the following legal documents
in place to ensure maximum control
and protection over their assets and
their future:
• Will
• Durable Power of Attorney
• Medical Power of Attorney
• Authorization to Release Medical
Information
• Directive to Physicians and Family
or Surrogates (Living Will)
• Declaration of Guardian in the
Event of Later Incapacity
These documents are vital to a
well-rounded estate plan. This is
particularly true for the documents
designed to protect you during your
lifetime. Although often overlooked,
a Durable Power of Attorney and a
Medical Power of Attorney are critical
parts of long-term care planning, because
they designate the person or persons who
will be acting for you in the event you
are unable to handle your own financial “But I don’t have any assets,” or “My
creditors will take my estate,” or “I’m
not old enough” are other reasons we
hear when counseling the public on
the importance of estate planning.
The bottom line is everyone
has an estate to plan for and
protect. Everyone has at least
one asset – a bank account, a
car, maybe a house – even if its
encumbered by debt. It doesn’t
matter if you have one or one
million assets, the necessity
to have a well thought out,
complete estate plan with all
of the documents, is the same.
Despite our better judgment, an
18-year old is the same kind of
adult as an 80-year old, and
although the estate plan maybe
different, the importance of
having legal documents in
place is equal.
and health care decisions. Without
these documents, no one, not even your
parents, spouse, or adult children, is
legally authorized to handle your finances
or make medical decisions for you. Advice on these docum ents, as
well as other legal issues, such as
eligibility for long-term care Medicaid
benefits, should be provided by
an attorney who works in this area
on a daily basis. There is a reason
that professionals like attorneys and
doctors are licensed and specialized
– they are providing important
services,
governed
by
certain
standards, and they are required to
obtain continual education in their
areas of expertise. Such licensing is
intended to provide protection to the
public. That protection is lost, though,
when unlicensed, and unauthorized,
persons provide advice on the same
matters.
An experienced attorney who practices
in this area of the law understands each
of these documents thoroughly and how
they should be developed to fit your
particular circumstances, wishes, and
family dynamics. As with any legal
document, these documents should only
be executed after great contemplation,
discussion, and reflection. Each person
and situation is unique and you should
not rely on a generic form to guide
these important decisions. Additionally,
as your life situation changes, so should
your estate planning documents. It is
generally a good idea to have your
documents reviewed by an attorney
upon life-changing events, or every five
years to ensure your estate plan still
reflects your wishes and is consistent
with your goals.
Seek qualified professional advice
and take the time to build relationships
with people you trust to help you plan
for your future. You are doing your
family an invaluable service when you
prepare and complete a plan before
you need it.
Lori Leu, Erin Peirce, Lauren Olson, Laura Chavero, and Brisha Gardner are Elder Law attorneys with
Leu & Peirce, PLLC located in Plano, Texas. They can be reached at 972-996-2540.
COLLIN COUNTY Living Well Magazine | JULY/AUGUST 2018
31