Estate Planning (Wills and Trusts)
Without an Estate Plan, the State of Nebraska has decided how to distribute your property. While the Nebraska Statutes that dictate how your property is divided if you pass away without a will are designed to be fair, they offer no guarantee that your wishes will be granted since your desires will receive no consideration. This is where a well-drafted Estate Plan comes into the picture.
A simple will is a step in the right direction, but a will alone only addresses what is to happen to your property following your passing and provides no planning opportunities for while you are alive. A well-drafted Estate Plan does more than just plan for your passing; it will help to provide protection to you, your family, and your property based on your own personal wishes. Your family deserves the best plan possible that addresses your pre and post-death goals and desires.
That is why our Estate Planning package includes the following:
· Last Will and Testament – The legal document that identifies your heirs and the property they receive upon your death.
· Durable Power of Attorney – An agreement between you and an agent that designates financial and general duties (not medical decisions) that agent will perform on your behalf should you become incapacitated.
· Health Care Power of Attorney – When you are rendered unable to make medical treatment decisions, this document appoints someone who will do that on your behalf.
· Living Will (aka Declaration) – This document contains your wishes should you end up on life support or otherwise rendered incapacitated. It will contain guidance for the health care agent should you require life-prolonging medical treatments. This is NOT a DNR (Do Not Resuscitate).
· Medical Release for Family Members – Due to federal and state regulations, medical information cannot be released even to your own loved ones should you be unable to consent to that disclosure. This document gives them access in case of incapacitation so your health care agent can make the best decisions possible.
In addition to the above, an estate planning package frequently includes a Revocable Living Trust. Each estate is analyzed to determine whether a Revocable Living Trust would be the right fit for you and your family. It is Clinch Law Firm, LLC's position that all clients should be educated about both Wills and Trusts for estate planning purposes in order to allow everyone to make the best decision for your particular situation.
A well-drafted Estate Plan serves many purposes. For example, it can protect your property from certain taxation and can describe what happens to your home, investments, business, life insurance, and employee benefits should you face disability or pass away. On the health care side, it can help your loved ones make decisions about long-term care, medical treatment, and any other issues that arise in that area. If you are unable to make medical decisions due to some unforeseen circumstance, proper planning will result in your desires being carried out when you are unable to make those decisions yourself.
Estate planning is not only for the person doing the planning. More often than not, the unintended beneficiaries of a comprehensive Estate Plan are the family and loved ones who are caring for the person when they are sick. By executing a basic Estate Plan, you are allowing your family to place their time and energy with you if you become sick. From choosing a guardian for yourself and your minor children, to the distribution of your money and property, having a proper Estate Plan ensures you have a voice in all stages of the your incapacity that your family can lean on for guidance.
Estate planning is more than just assets, and it is more than just passing wealth: Estate planning is about making sure you and your family are taken care of, no matter your stage in life. Give yourself the time to make a plan for you, and for your loved ones.
Take steps to give yourself, and your family, Peace of Mind today. Contact Clinch Law Firm, LLC to schedule a consultation at our York, Nebraska office, or feel free to schedule a complimentary 30-minute telephone consultation by emailing us at jerry.clinchlawfirm@gmail.com