Hyden, Miron & Foster, PLLC Law Blog

Wednesday, November 29, 2017

Estate Planning Is Not Just About the Death

Who can make medical decisions on my behalf if I become incapacitated?

For single individuals without children, estate planning may seem like an unnecessary endeavor.  Some of us may simply not care who receives our assets after our death.  However, it is important to remember that estate planning is about far more than just what happens to your assets after your death.  Estate planning is also about living.  Our Arkansas estate planning attorneys at Hyden, Miron & Foster, PLLC discuss why estate planning should matter to us all below.

Durable Power of Attorney 

In the unlikely event that you one day become incapacitated, you will need someone else to act on your behalf.  A durable power of attorney grants a person selected by you the ability to make financial and legal decisions for you.  The power of attorney will not take effect unless you become incapacitated and it is revocable if you regain competency.  Without a valid power of attorney in place, the court will be forced to appoint an individual to manage your affairs for you, and it may not be who you would have selected.

Healthcare Power of Attorney 

Similar to a durable power of attorney, a healthcare power of attorney allows you to designate an individual to make critical healthcare decisions on your behalf if you become incapacitated.  This individual will hold much power and will literally have your life in his or her hands. You do not want to leave the selection of your healthcare power of attorney up for the court to decide; act now to designate a healthcare power of attorney to protect you in the future.

Will

Even if you are single, you probably would rather know that your hard earned assets go to a friend, relative, or favorite charity, rather than towards hefty taxes or the state.  A will is a simple legal document that can help to define your legacy.  Creating a will allows you to have control over who will receive those items you value most in the event of your death. 

Estate planning is important for all of us, no matter our age or marital status.  Contact our estate planning attorneys today to get started with your comprehensive estate plan.


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