Page 29 - Forrester Maher FH
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The Basic Estate its execution, or else “springing”, such
that it will not be effective until you are
Documents certified to be incapacitated. The POA
may be limited in its scope (i.e. giving
authority to a certain family member
Healthcare Proxy to run your small business), or may
A Healthcare Proxy is an important legal give complete authority to the agent.
instrument which sets forth the person Without a POA, your loved ones would
or persons who you would like to make have to bring a formal guardianship
healthcare decisions on your behalf proceeding to exercise power over your
in the event of your incapacity. In the financial affairs in the event of incapacity.
absence of such an instrument, your Guardianship proceedings are expensive
healthcare provider may not have the and uncertain, and there is no guarantee
proper guidance as to who you would that the outcome will be that which you
trust to make these important decisions, would have desired if you were able to
or information how to contact the person speak for yourself. As with all aspects
who you would designate. By preparing of estate planning, it is best to think of
a healthcare proxy, you will assist your these issues and make the decisions for
physicians and nurses in providing the yourself, or you may find the state making
care that you would want to receive if them for you.
you were able to speak for yourself.
Last Will and Testament
Power of Attorney The most important and ubiquitous
Equally important is the power of document that is a necessary part of any
attorney or “POA”. The POA allows estate plan is the last will and testament.
your choice of individual to act on your This document will serve many important
behalf in making financial decisions and purposes, including providing for how
managing your financial affairs in the your assets should be disposed of at your
event that you are unable to do so. A death, choosing fiduciaries to administer
POA may be effective immediately upon your estate (and any trusts created
Forrester Maher Funeral Home - Page 29
