INDUSTRY INSIGHT
ESTATE PLANNING
SPONSORED CONTENT
In addition to a Last Will and Testament
When you hear the term “ estate planning ” you might think that it is important or relevant only to the very wealthy . Or you might believe that it is synonymous with executing a Last Will and Testament .
Neither impression is accurate , and basing your actions , or more likely , inaction , on these ideas could leave you insufficiently prepared and vulnerable in a variety of situations .
While a Will is certainly vital to be assured your assets are distributed as you wish by the person you want to put in charge after your death , there are potential problems during your lifetime which you can also address in advance .
You should seriously consider executing a power of attorney to enable someone you trust to step in and handle your financial affairs if you should become mentally incapacitated . This can avoid a court proceeding to appoint a guardian of your estate and / or your person .
Another issue that can be addressed in advance is appointing someone via a health care power of attorney and advance directive to make medical decisions on your behalf if , and only if , you were to be unable to make or communicate your own decisions .
In addition to appointing a health care agent , you can set forth specific directions or guidelines for decisions concerning artificial life support and heroic measures in the event you are terminally ill or in a persistent vegetative state .
Once drafted and executed , the directives set forth should be discussed with your family and your health care providers .
It ’ s possible that after thinking through your particular situation , you will decide that powers of attorney are not appropriate , but you owe it to yourself to consider all the options and to understand the ramifications of your decisions .
“ You should seriously consider executing a power of attorney to enable someone you trust to step in and handle your financial affairs if you should become mentally incapacitated .”
This Industry Insight was written by Betty Dillon .
Dillon received her law degree from the University of Pittsburgh . She is a member of the Pennsylvania Bar Association and the Allegheny County Bar Association , where she is a member of the Family Law Section , the Probate and Trust Section and the Elder Law Committee .
For further information , call 412.835.0933 or go to www . bettydillonlaw . com online .
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