Estate Planning

The information provided is for general informational purpose it is not legal advice.

Estate  Planning checklist

A Last Will and Testament is a document which lists your final wishes for how you would like your personal estate handle once you have passed away. Below is a list of things you should have prior to having a will drafted.

  1. A list of tangible property you would like to list in your will (i.e. houses, cars, bank accounts.

  2. Name, address and phone number of the people you wish to name as beneficiaries in your will.

  3. Additional beneficiaries just in case your desired beneficiaries do not survive you.

  • Would you like the heirs  of your initial beneficiary to receive the beneficiary’s share of your estate?
  • If you have young children (under 18 years old), the name, address, and phone number of the person you would like to be appointed as guardian of the children and their shares of the estate.

  • Name, address, and phone number of a backup guardian.
  • Name, address, and phone number of the person you would like to serve as the executor of your estate. (this person will be responsible for administering your estate)
  • Name, address, and phone number of a backup executor.

 

Healthcare Power of Attorney gives a person of your choosing the authority to make medical decisions for you if you are deemed unable to make these decisions for yourself. This person is called your agent. Below is a list of things you should have prior to having a Healthcare Power of Attorney drafted.

  1. Name, address, and phone number of the person you would like appointed as your agent.

  • Name, address, and phone number of a backup agent.
  • Decide whether you would like this person to make end of life decisions on your behalf (i.e. removing you off of life-support or removing artificial feeding supply)

 

A Financial Power of Attorney gives a person of your choosing the authority to make financial decisions for you. There are two different types of financial power of attorneys. The first is a springing power of attorney which only takes effect once a specific event takes place (i.e. a medical ailment which leaves you unable to handle your own finances). The second is a durable power of attorney which takes effect once it is fully executed. Below is a list of things you should have prior to having a Financial Power of Attorney drafted.

  1. Whether you want a springing or durable power of attorney.

  2. Name, address, and phone number of the person you would like to appoint as your agent.

  3. Name, address, and phone number of backup agent

  • Determine if you would like to have two agents to provide  a form of checks and balances. (One agent will not be able to act without the consent of the other agent)
  • Think of safe place to keep the power of attorney

 

To schedule a consultation to have one of these documents drafted please find the nearest CLCP clinic location at: 215-399-0064