Five Essential Estate Planning Documents
By Nehemiah Jefferson, Esq., LL.M.
There are several essential documents that should be a part of every estate plan. Those documents are:
- Last Will and Testament or Revocable Living Trust (with a Pour Over Will)
- Durable Power of Attorney
- Healthcare Surrogate Designation
- Living Will
- HiPAA authorization
The Last Will and Testament is a legal document which tells the court and your beneficiaries where and how to direct your assets upon death. Note that a will must go through probate. See our other articles on probate and how to avoid it.
To avoid probate, a Revocable Living Trust may be a consideration. A Revocable Living Trust is a legal instrument that can hold title to property and assets. It allows you to control and manage property and assets while alive and can also (much like a Last Will and Testament) govern how your property is distributed after you have passed away. If a Revocable Living Trust is used instead of a Last Will and Testament, then it comes with a “Pour-over Will.” Sometimes, there may be assets that were not transferred to the trust prior to a person’s death. A pour-over will would allow for the automatic transfer of those assets not titled in the name of the trust to that trust upon death.
The Durable Power of Attorney is a legal document whereby you designate and authorize a person to make financial and other legal decisions on your behalf.
The Health Care Surrogate is a legal document whereby you designate a person to make medical decisions on your behalf.
The Living Will is a legal document that outlines what your desires are in “end-of-life” situations. For example, this may be helpful in a scenario where someone is terminally ill or where you want to provide guidance and direction on life prolonging procedures.
Lastly, a HIPAA Release and Authorization can authorize a physician or other health-care professionals to release your medical information to an individual (“agent”).
Estate Planning should be comprehensive. This means that there may be a myriad of tools used to provide client solutions. As with any legal matter, you should consult an Attorney. This article is for educational purposes only, is not legal advice, is not a substitute for consulting legal counsel, and does not create an attorney-client relationship.
Nehemiah Jefferson, Esq., LL.M., is Principal of America’s Tax Attorney LLC. The firm practice areas include Civil and Criminal Tax Representation, Estate Planning, Probate, Guardianship, and Business Planning. He earned his Bachelor’s degree from The Florida State University, his Juris Doctor from John Marshall Law School (Atlanta), and LL.M. in Taxation from the University of Alabama. Attorney Jefferson is licensed to practice law in the State of Florida, Texas, The District of Columbia, and is a member of the United States Tax Court Bar. He may be reached at www.americastaxattorney.com.
