First Responder and Medical Professional Estate Planning
As a show of gratitude and appreciation for all our first responders and medical professionals, we want to ensure you and your loved ones are protected, while you are protecting all of us.
For the entirety of this global pandemic, Thacker Sleight is offering our “first responders” estate plan. This plan will apply to not only the creation of a will or trust but any updates you might need to an existing estate plan as well. We are making you our top priority and have set aside dedicated time to serve you. Please call us to discuss what we can offer you and your family.
What your estate plan should consist of:
Medical Powers of Attorney: A document where you can direct a person to make health care choices for you when you cannot make or communicate your own health care decisions. While physicians will seek health decisions from a spouse or adult children, this document becomes critical when there is no one to make medical choices for you. Having medical Power of Attorney documents are especially important for young adults, unmarried partners, and single people.
Advanced Directives: This addresses end-of-life care and choices. Putting your wishes in a legal document ensures that those wishes can be carried out effectively by your Medical Power of Attorney appointee.
HIPAA Authorization: This authorization allows other people to receive information about your health status. There may be people that you want to have access to this information to help in your medical care. This authorization makes it clear who can receive that information and who cannot.
Financial Powers of Attorney: This is a legal document that allows you to appoint a trusted person to access your assets or make financial decisions or transactions on your behalf. The document is valid only during your lifetime, which is why it is so important. This document is critical, so your appointed person can have access to your bank accounts to pay your bills in a time when you cannot. Real estate transactions are almost impossible without this document. This document, when drafted carefully, can offer asset protection so that you can preserve your assets for a spouse or loved ones. Without this document, your loved ones are forced to seek a court-appointed guardian to handle your assets.
Wills or Trusts: Having a will or trust brings peace of mind during times like this. These legal documents are directives for your loved ones for handling your things. A Will tells others how your assets should be distributed upon your death to your loved ones as the estate passes through a public process called probate. A living trust, on the other hand, can be active during your lifetime. When funded appropriately, it can serve to avoid the probate process and probate fees. A Will or a living trust directs others on how to distribute assets as well as who can receive those assets. It also addresses when loved ones can receive those assets, and how much of your assets loved ones can receive.
Being a first responder or medical professional, it is critically important that you have a proper estate plan in place, allowing peace of mind for you and your family.