Estate Planning. That term usually makes people think of a process for the rich. While true at some level - rich folks absolutely MUST do it - it is also a valuable and indispensable tool for average folks who want to ensure the integrity of the process after their death...and make their own decisions about their property as opposed to allowing the government to do so.
Three immediate things every person needs? 1.) A will. 2.) A General Durable Power of Attorney, and 3.) A Medical Directive.
WILLS - A will directs your property where YOU want it to go after your death. Otherwise, the state's "intestate succession" laws apply and direct your property without consideration of your relationships or your wishes.
GENERAL DURABLE POWER OF ATTORNEY - a POA provides authority to another individual to make decisions in your behalf if you should become incapacitated (think - brain injury, stroke, dementia, serious accident). I frequently call a POA a "glorified permission slip" for someone to act for you. It is revocable, but can save lots of time and money.
MEDICAL DIRECTIVE - permits you to make decisions about your healthcare, whether you want mechanical life support, a feeding tube, etc., if you are not going to recover. A Medical Directive also appoints an agent to make decisions if you can't.
Those are the basic estate planning docs everyone needs. They are truly inexpensive and your family will thank you.
THE RATLIFF LAW FIRM | www.ratlifflaw.net
In Cedar Bluff, Virginia: (276) 522-1220
In Weston, West Virginia: (304) 406-7410
