We are often asked by prospective clients: “Do I need an estate plan?” This is particularly the case for folks under 40 or 50, who just can’t imagine themselves dead or incapacitated. We are also often asked about planning by our clients who have adult children with assets and children of their own. As we all know, we can't and don’t know the future. Should a premature death or disability occur due to an unexpected injury or illness, having an appropriate plan in place will reduce needless … [Read more...]
Plan for an Unexpected Disability
While most people hate to think about illness, disability and death, it is a part of life. When you are least expecting it, you or a loved on can become seriously ill. It is best to plan for these scenarios ahead of time. Consider the following:Who will take care of me when I become seriously ill? How will I be able to take care of my finances and pay my bills? Who will care for my children? Will I be able to afford an illness? Do I want to be on life support? Who will … [Read more...]
Incapacity Planning: Medical Issues
If you’re considering including incapacity planning in your estate plan (and you definitely should be), it’s important that you understand the use of the different available legal documents. A comprehensive estate plan will allow you to have the best plan in place so that your needs are always met.Did you know…?An advance health care directive is a document that allows you to spell out your wishes regarding end of life treatments and procedures. Many people use their advance health … [Read more...]
What is the difference between a “Conservator” and a “Guardian”?
In California, a “conservator of the person” is the individual who makes general welfare, health care, educational, and life-style decisions for an incapacitated adult. An adult may become incapacitated due to dementia, disease, or disorder. In some other states, this person is called a guardian. However, as noted below, in California, a guardian is the person appointed in connection with a minor (under 18) child.Examples of decisions would be where someone lives and what medical … [Read more...]
Differences Between a “Conservator” and a “Guardian”
The terms conservator and guardian vary in their usage from state to state. In California, they have specific and different meanings. Let's explore them.A “conservator of the person” is the individual who makes general welfare, health care, educational, and life-style decisions for an incapacitated adult. An adult may become incapacitated due to dementia, disease, or disorder.Examples of decisions would be where someone lives and what medical treatment he or she receives.In … [Read more...]
Estate Planning Considerations Entering the New Year (part 1 of 2)
As we approach the New Year, many folks include among their resolutions creating or updating their estate plans.What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to … [Read more...]
What is a California Advance Health Care Directives?
Advance health care directives are the medical portion of a California estate plan. They typically include the designation of a health care agent, a statement of wishes concerning end of life care (commonly called a living will), instructions concerning organ donation and provisions for the disposition of remains. You can also add any other medical instructions you so desire. In other states, such documents are called durable powers of attorney for health care and directives to physicians, … [Read more...]
Is a Living Will the Same as a Living Trust?
Though the names may be very similar, a living will and a living trust are not the same, nor do they serve the same purpose. A living trust is a type of trust that holds and manages your assets while you are still alive, then distributes those assets to your beneficiaries upon your death. A living will, on the other hand, is a term commonly used to describe a legal document that provides your instructions regarding the course of medical treatment you want followed if you become unable to … [Read more...]
Making Health Care Directives in California
An Advance Health Care Directive is a legal device commonly used in incapacity planning that allows you to name a person to make medical decisions for you in case you should become disabled. You may have also heard this legal document referred to as a Medical Power of Attorney or a Durable Power of Attorney for Health Care. The person that you name to make medical decisions for you may be called your agent or advocate.Along with your medical decisions, the Directive also lets your health care … [Read more...]
You Don’t Have a Living Will, But Your Doctor Probably Does
Even though a lot of people realize that they need some kind of advance health care directive, commonly referred to as living will, they rarely get around to making one. According to survey figures, only about 20% of American adults have created some kind of advance directive.Yet when it comes to these important legal documents your doctor is more than three times as likely to have created one. Studies show that about 64% of physicians have some kind of medical directive. These legal documents … [Read more...]
