Connection Winter 2013 | Page 35

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. 35