What better way to celebrate Valentine's Day than Estate Planning?

Valentine’s Day is this week (you probably already knew) – and what better way to celebrate than think about estate planning! (I know, I know – that’s probably not the FIRST think you thought of.) Seriously, the most important part of estate planning is the serious conversations that it provokes. 

Everyone over the age of 18 should have an Advanced Health Care Directive. Also known as a living will, this document a) appoints an “agent” who can communicate with health care providers on your behalf if you were to become incapacitated, b) specifies whether you would want life-sustaining treatment if you were in a persistent vegetative state (remember Nancy Cruzan?), and c) allows you to specify a Primary Provider, among other directives. If you're in love with someone, wouldn't you want that person to have the authority to make these very important decisions for you? 

Anyone who has any assets or minor children should also have a will. In a will, you can specify to whom we want our assets to go when we die. You can also name who we would want to administer our estate (the Personal Representative, a.k.a., executor/executrix). You can also name the person or people you would want as the guardian(s) of your minor child(ren) if you were to die at the same time as your spouse (or other parent) of your child(ren). Naming your Valentine as the Personal Representative of your estate is a pretty strong statement that you trust him or her. 

Another common estate planning document is the Durable Power of Attorney (formerly known as the “Durable Financial Power of Attorney” under Maine law). This document is useful to a loved one if you are incapacitated or simply unavailable (e.g., on a business trip) when some financial matter needs to be taken care of quickly (my spouse used one for me when I had to be in court on the same day as we were supposed to sign papers to refinance our house; the loan officer told her I owed her a nice meal after she signed so many papers on my behalf!). Naming your Valentine as your "Agent under Power of Attorney" is an even stronger statement that you trust him/her than naming him/her as the Personal Representative of your Estate! 

Still another estate planning vehicle I could help prepare for you is a trust. There are many types of trusts (see my post about Special Needs Trusts here). The main distinction is “inter vivos” – one that is set up during your life time – or “Testamentary” – one that is created in your “Last Will and Testament,” and, therefore, comes into existence once your will is probated. I'll say more about trusts in a later post.

I charge a special flat fee for a “Simple Estate Package,” which includes two simple reciprocal wills, two Powers of Attorney, and two Advanced Health Care Directives (“reciprocal” means they are basically identical with the names flipped, one spouse for the other; “simple” means the will would not include a trust). So, are you and your “Valentine” ready for a little estate planning? Give us a call, drop us an email, or follow the "Contact Us" link at www.leveyandwagley.com. Happy Valentine’s Day!

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