Tag Archives: power of attorney

Estate Planning

Why is Estate Planning such a Big Deal?

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Most people believe that estate planning is important, yet they don’t think it is necessary for them. We often hear people say their estate isn’t big enough or that they will get around to creating an estate plan when they are older. However, an estate plan is important for everyone at all levels of net worth. Below are three central reasons why YOU need an estate plan:

  • You want to protect your family. If you fail to create an estate plan and you die, your loved ones are left with a big mess. Not only can financial disputes occur, probate can be time-consuming and costly. Your estate plan can not only safeguard your assets, but it can also provide your loved ones with peace of mind and guidance once you are gone.
  • You want to save money. Sadly, many people postpone creating an estate plan because they think it will be too expensive. The cost of creating a comprehensive estate plan is minimal when compared to what can be lost financially if you die without a plan in place. Your estate plan can provide asset protection, save on taxes, and prevent litigation expenses. Consider this: in one estate we read about recently the husband died leaving a business owned by two sons and a mom. It has easily cost the family over $500,000 in fees and has taken more than four years to get resolved and the family will never heal. Another case recently reviewed showed that a girlfriend of 18 months, much younger than the decedent, sued to become the common law spouse and inherited millions in property.
  • You want peace of mind. Once you create an estate plan, you will have the peace of mind that you are saving your family from stress and conflict. It will also give you the comfort of knowing that your own future and senior care is planned and provided for. By creating power of attorney documents and a trust, your loved ones will be equipped to handle your long-term care without the time, cost, and stress of going to court to obtain authority to manage your affairs.

There are many other reasons to create an estate plan, but they all center on the three goals outlined above. Whatever you want to accomplish in your estate plan, we can help.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Why do I need a Power of Attorney?

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When you think about creating an estate plan, you probably think about a Last Will and Testament or a trust. However, an equally important part of your estate plan is the power of attorney (POA) document. A POA addresses matters that are not covered by a Will or trust. The POA document is applied while you are still living and it ceases to be effective upon your death (yes – that’s right, a POA terminates when the person dies!). As a result, it is an important document to have as part of your estate plan.

Don’t get confused when considering a POA. Many people think of their health care decisions when considering a POA. Under current law, a POA only works to assist you in managing financial affairs. An Advanced Health Care Directive (“AHCA”) is needed to assist in health care decisions.

Financial POA

When you appoint a POA over your property, it allows the appointee to have authority over your assets. This means your financial POA can access and manage your finances and also safeguard your assets. You can set forth what your appointee can and cannot do in the POA document. Most financial POA’s are granted broad authority.

It is important to understand that the POA document may provide that it is not effective until you are mentally incapacitated. You can also make it effective on the day you sign it. We usually recommend it be effective immediately, unless the person you are appointing is not someone you feel comfortable giving immediate authority. Whatever approach you take, it is essential that you appoint someone that you trust and that will have the ability to effectively manage your finances.

Advanced Health Care Directive

An AHCA can grant authority to another person to make medical decisions on your behalf if you are unable to make those decisions for yourself. This includes decisions regarding your medical care, hospitalization and long-term care. In some cases, your physician may have to determine whether you are unable to make medical decisions for yourself. Most of the time it is obvious.

Your AHCA provides you flexibility to set forth your wishes regarding end-of-life care or your wishes regarding certain treatments. The law requires that your express wishes govern your care and your health care agent must abide by your wishes as set forth in the AHCA. If your AHCA document does not address certain matters, your Agent will make the decision based upon what he or she believes is in your best interests.

If you are interested in learning more about power of attorney documents or other estate planning matters, call us for an appointment. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Is Estate Planning Easier for Singles?

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It seems most things in life are more difficult if you are single and having to handle everything on your own. However, when it comes to estate planning, singles may have it easier. Creating an estate plan means making numerous important financial decisions. When you are single, you don’t have to confer with anyone else or make compromises during the decision-making process. Once you have decided who you want to be your beneficiaries, your power of attorney or trustee, there is no further debate or argument. On the other hand, a single individual with no children can have some agonizing decisions to make over individual bequests to friends or family or even charities.

Estate planning is especially important for single adults. As we have written in prior blogs, spouses or children are already heirs under the probate code. But if you are single and have no children, your parents are your first heirs, then siblings and then nieces and nephews. That group of beneficiaries is not as intuitive as spouse or children. Also, because you do not have a spouse that can make certain decisions on your behalf under the law, you need to appoint somebody to make decisions if you become incapacitated. In other words, appointing a healthcare proxy or a power of attorney to have the legal authority to make decisions on your behalf is a crucial part of a single person’s estate plan.

An even more compelling case can be made for a single person to complete their estate planning if they have children. Sometimes couples are complacent about planning, because they believe that the survivor will take care of things (not a good plan mind you). A single person can’t rely on a surviving spouse. There is no one who can be relied upon to handle the kids inheritance or set things up if the single person dies. It’s something they just need to do.

Similarly, retirement planning can be easier or more difficult if you are single. Married couples may be better able to save for their future if they have two incomes to rely on for the contributions. It is also helpful if you have somebody to be accountable to when trying to save money. There is an extra incentive to stick to the plan when your partner is there to hold you accountable. On the other hand, inability to agree on goals and objectives, extra expense if only one spouse is employed, and indecision can make it more difficult for married couples. This is particularly true in couples where one is a spender and the other is a saver because the save is not always able to keep the other on track. But a single person has to make affirmative decisions about retirement planning and designating beneficiaries who will receive assets after death.

Whether you are single or married, estate planning and retirement planning are essential to your future. Let us help you create a strategy that will protect yourself and your family.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

 

Estate Planning

Three Estate Planning Documents for your 18 Year Old

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Once your child reaches 18 years of age, he or she is considered to be an adult under the law. Many parents do not realize that this means that they will now need written authority to make medical or financial decisions on their young adult’s behalf. This may include the simplest things such as requesting your child’s immunization records to more serious decisions such as the appropriate medical treatment when your child is involved in a serious accident. This is true, even if your child is still in high school!

If your young adult will be receiving his or her high school diploma soon or turning 18 in the next year, below are three documents you should strongly consider having drafted and signed:

Advance Health Care Directive. Although nobody wants to think about anything bad happening to their child, it is important for your young adult to appoint a parent (or another loved one) to be their health care agent. This grants authority to the appointed individual to make medical decisions if your child is in a condition where they can’t make their own decisions, or if you just want to take them to the Doctor or hospital. It can also set forth his or her wishes regarding long-term care or the use of life support if he or she is left in a permanent vegetative state or is dying.

HIPAA Forms. To ensure that you can confer with your child’s doctors and other medical staff, your young adult should sign HIPAA forms. An Advanced Health Care Directive also accomplishes this.

Power of Attorney. Your young adult may encounter an emergency in which you will want the ability to access his or her bank accounts or to otherwise be able to act financially for him or her. Having a financial power of attorney gives you this power.

As your child progresses in life and begins to accumulate possessions and wealth, it is imperative that he or she create an estate plan. Even a modest estate should be protected and we can help your young adult determine what strategy is best for his or her situation.

Sending your adult child out into the world can be difficult, but having the proper documentation in place can provide you with the peace of mind that you can be there and have the authority to help if needed.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Asset Protection

Should You Take Over Your Parents’ Finances?

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As your parents enter their golden years and they need help attending to their affairs, it is essential that you approach the topic with them carefully. The most effective way to handle this process is by preplanning, which may include establishing a trust, guardianship, conservatorship, and durable power of attorney. One of our experienced estate planning attorneys can assist you with any of these legal documents that can provide you a legal means for taking over your parents’ finances when they need help. The absolute best method (and least costly overall) is to help them create a trust where you, or some other trusted family member (or a bank), become a co-Trustee to help them manage their finances.

It can be difficult to approach your parents with this topic. Depending on your family relationships, you may want to consider whether you should appoint one person to discuss it with them, have a family meeting or include an attorney in the meeting. Whatever you decide is the best strategy for your family, it is imperative that you take action while they have the necessary mental capacity to execute the necessary legal documents.

One thing you should make clear to your parents is that you are not attempting to take control over their finances at this time. Rather, you are merely taking steps to prepare for when it may become necessary. If your parents are reluctant, you should also inform that it is not necessary for them to make a full finanical disclosure to you (or anyone else) at this time. All that is required is that you are told where their financial information is located and how to access it. Remember, you will want them to include their online login information and passwords so you can access their digital assets.

If you need help discussing these matters with your parents or you believe the information will be better received from an estate planning lawyer, we can help. If your parents will view this discussion as part of their estate planning process, it may help them not be as defensive about it.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

 

Estate Planning

Protecting Your Medical Future

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When you are signing medical documents, it is important that you fully understand what you are agreeing to and the consequences that will result. Two of the documents that are important to consider in protecting your medical care in the future are an Advanced Health Care Directive, and a Do Not Resuscitate Order (DNR)

DNR

Many people do not want to be kept alive under certain circumstances, such as if they are being kept alive solely by machines. A DNR provides your instructions to health care providers that you do not want heroic measures, such as cardiac compression, defibrillation and artificial ventilation, to be used to resuscitate you or keep you alive. A DNR should only be used when you are close to death, and must be signed by a physician. An elderly person who is otherwise healthy and active, should not sign a DNR which would prohibit emergency providers from restoring life in an accident or other health care event.

Health Care Directive

You can appoint another individual to act as a health care agent to make medical decisions on your behalf if you are unable to do so for yourself. Your Advanced Health Care Directive can also give your agent authority to review your medical records. It is crucial that you provide the person you appointed to serve as your agent, your primary doctor and your lawyer with a copy of your health care documents. The Advanced Health Care Directive also allows you to give end of life care instructions if you have a health care event where you are unlikely to survive or recover, or you have a disease which leads to death and you are in the last stages of that disease.

Your Utah Advanced Health Care Directive should include your name, telephone and address and the name, telephone and address of the individual you are appointing as your agent, the name and similar information for an alternate agent, the power and authority being granted to the agent, your signature and witnesses. Having your medical documents witnessed is necessary to establish that you signed the document willingly and that you were of sound mind.

If you are interested in learning more about how to properly plan for your future medical care and end of life decisions, contact us to schedule an appointment.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Estate Planning

Essential Legal Documents for Senior Citizen

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If you or a loved one are approaching your “golden years,” there are certain legal documents that should be created and signed as soon as possible. In order for another party to have the authority to discuss your medical treatment with health care providers, you must provide them the legal power to do so. Otherwise, patient confidentiality laws will prevent your loved ones from being able to assist you in making necessary medical decisions if you are unable to act on your own. And remember, these laws extend not only to your doctors, but also to assisted living facilities and nursing homes.

Each state has its own unique requirements for the legal documentation that is required to grant medical decision-making authority to another party. The primary document, in Utah is an Advanced Health Care Directive.

Advanced Health Care Directive

A Utah Advanced Health Care Directive (“Directive”) has two components. First is the appointment of an agent for health care decisions. This part of the document appoints another party to make medical decisions if you are no longer able to do so, including the right to admit you to a health care facility and other actions, which you should carefully consider. It can even nominate the person to be your guardian. Your appointed agent can also gain access to your medical records. It is important to provide a copy of your Directive to your appointed agent, your primary physician, your estate attorney (who should help you create it) and any applicable assisted living facility or nursing home.

The second part of the Directive allows you to determine whether or not you want certain life-sustaining medical care in certain events. This includes whether, or for how long you want to remain on life support. You can leave instructions regarding end of life decisions, which removes a hefty burden from your loved ones, or you can let your agent make decisions. If you execute a Directive, it is critical that you provide a copy with your agent and any relevant health care providers.

Do Not Resuscitate Orders

There is another category of health care planning that can be utilized in Utah. If you are the end stage of a debilitating disease, or in hospice care, knowing death is imminent, there is a DNR order you can sign, with the co-signature of a physician, which can stop all care to resuscitate you under your specific circumstances. This must be approached carefully. It is not intended as a substitute for a Living Will or Advanced Health Care Directive and should only be used when you are actually at the end of your life. This form should never be used with a health senior who might have an accident or health care incident and could be expected to recover.

We provide careful and thoughtful assistance with our clients in designating health care agents and in deciding the type of end of life care they desire.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.