Other Estate Planning Documents to Stongly Consider besides a Last Will and Testament
What other documents should I consider along with a Last Will and Testament?
important documents that usually accompany a Last Will and Testament are a Living Will (now
known in Virginia as an Advance Medical Directive, a Durable General
Power of Attorney, and a Durable Medical Power of Attorney).
Advance Medical Directive
or Living Will gives a trusted individual the authority to
make life or death decisions for a person who is incapacitated and, therefore,
incapable of making such decisions.
A Durable Power of Attorney
permits someone to make critical decisions for one who cannot make those
decisions. In other words, the Durable Power of Attorney allows someone
to make financial and other household decisions, and to essentially
carry-on a person's estate in the event a person is medically or
geographically unable to do so.
A Durable Power of Attorney for
permits someone to get medical information about you, to fill
prescriptions, etc. With privacy laws in place (e.g., HIPAA), medical
professionals will not discuss these issues with someone other than the
patient. A DPOA for Healthcare will ensure that you can be fully
apprised of your loved one's or friend's status and treatment options.
Limited Power of Attorney
would allow you to grant someone authority to
make final arrangements for the deceased at his/her death.
can be a Testamentary Trust (one created by your Will) or a type
of Inter Vivos Trust (one created while living). There are a number of
practical and economic reasons for creating Inter Vivos Trusts,
including sheltering (to some extent) certain assets from estate tax and
probate tax liability.
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