LEGAL CORNER FEATURE
Be prepared
Effective estate planning has
several elements
s
By Philip J. Hundl
ound management, favorable
weather and proper crop insurance can give you peace of mind
during the crop year. What you may not
realize is the different type of peace of mind
proper estate planning can provide to you
and your family now and for many years to
come.
Depending on the size of your assets and
your specific objectives, you may require
either a very simple or a more complex
estate planning strategy. However, everyone
should have at least the basic estate planning
documents: Will, Statutory Durable Power
of Attorney, Medical Power of Attorney,
Directive to Physicians (living will) and
medical release (HIPAA release).
Your will should identify your spouse and
children, if any, and particular assets you
have. In your will, you should clearly state
what you want to happen to your property,
both personal and real, upon your death. It
should also appoint an independent executor who will handle your affairs, revoke any
prior wills, provide for a guardian of any
minor children, and ensure your assets are
properly distributed amongst your designated beneficiaries.
A Statutory Durable Power of Attorney,
or financial power of attorney, allows you
to appoint an individual to act as your
agent and handle a variety of business and
financial affairs, beginning either immediately or upon your disability. A Medical
Power of Attorney, which is similar to the
financial power of attorney, appoints an
Everyone should have
at least the basic estate
planning documents:
Will, Statutory Durable
Power of Attorney,
Medical Power of
Attorney, Directive to
Physicians and Medical
Release.
agent to handle all of your medical treatment decisions, in the event you cannot do
so yourself. The Directive to Physicians, also
known as a “living will”, has very limited
application. It only applies to one’s terminal medical treatment decisions, such as
the decision to withhold or withdraw life
support when death is imminent. Finally,
the HIPAA release allows for your medical
provider to release your personal medical
information to the individual or individuals
you designate.
In different circumstances, each one of
these documents can become more or less
important; however, in any situation these
basic estate planning documents will at least
be one less thing you, and most importantly
your family, will have to worry about in the
future.
Philip J. Hundl is a shareholder and managing partner
at Wadler, Perches, Hundl &
Kerlick, with offices in Wharton, El Campo and Richmond,
Texas. Attorney’s note: The information in this column is not
intended as legal advice but to
provide a general understanding of the law. Readers with
legal problems, including those
whose questions are addressed
here, should consult attorneys
for advice on their particular
circumstances.
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