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ESTATE PLANNING
Overview of Estate Planning
You have worked hard to build your wealth or “estate” (all of the property owned and controlled by an individual at his or her death) and want to preserve your assets for your heirs and charities of choice while maximizing tax savings. I work with clients to customize an effective plan and prepare the appropriate documents necessary to meet each situation and client objectives. A comprehensive estate plan to meet those objectives will typically involve the preparation of a number of documents, including a well drafted will, an enduring power of attorney, a representation agreement, and a letter of wishes.
My estate planning services, provided through Heath Law LLP, include the preparation of Wills, from simple to complex, and testamentary trusts, as well as advising clients on matters such as structuring gifts for minors and beneficiaries with special needs and effective charitable gifting, and more.
Last Will and Testament
A Will is a legal document that sets out how the assets you own will be distributed after your death. A Will appoints the person who will act as executor to manage your estate. If you have minor children, it also names the guardian of your children. Your Will may be changed by you from time to time if necessary and only takes effect when you die. If you do not have a valid Will at the time of your death, you will not be able to control what happens to your assets; they will be distributed in accordance with the laws in effect at that time. Similarly, if you do not have a valid Will, you will not be able to appoint a guardian for your minor children; a guardianship application before the court will be needed to appoint a guardian after your death.
INCAPACITY PLANNING FOR ESTATES
Overview of Incapacity Planning
Not only is it important for people to plan for the eventuality of their deaths by completing an estate plan, it is also important that they plan for the possibility of a serious incapacitating illness or mental incapacity during their lifetimes.
I help clients understand the importance and functions of enduring powers of attorney for legal and financial affairs and representation agreements for health and personal care decision making. I assist them with various elder law issues and create the legal structures necessary to ensure that their wishes are implemented correctly and effectively when they are no longer able to manage their own affairs.
Power of Attorney
A power of attorney is a legal instrument that gives a person named as the attorney the authority to make decisions about the financial and legal affairs of the adult who appointed them (the “donor”). The authority of an enduring power of attorney continues during any subsequent mental infirmity of the donor.
Representation Agreement
A Representation Agreement is a document that gives another person or persons (the "representative") the power to make health care and personal care decisions for the adult donor if he or she becomes incapable. The Representative has the right to access all of the donor’s health care information to facilitate making informed decisions.
Letter of Wishes for End of Life Care
This is sometimes referred to as a “living will”. It is not a legally binding document. Rather, it is an expression of your wishes, values, and beliefs regarding your end-of-life care. The Letter describes health care treatments that you do not want to receive if you are terminally ill or in an unresponsive state with no prospect of recovery. It will guide your representative when they must make these end-of-life care decisions for you.