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Why You Need an Estate Plan
Many people think net worth determines whether an estate plan is needed. That’s a myth we hope to debunk. The truth is that all adults need a basic estate plan—and now all can afford one.
An estate plan isn’t something many of us want to think about. It can be scary or troublesome to confront the unknown. Yet we’ve also learned from experience that proper estate planning can provide people with a sense of relief and comfort knowing that their family is protected and that their financial and health care wishes will be honored.
Last Will and Testament
Estate Planning is about protecting yourself, your family and your charitable interests. You should be in control of what happens to your hard-earned assets when you pass away. A will gives you that control. Read more about Last Will and Testament.
Living Will
Emergencies happen when we least expect it. While we can’t prevent them, we can prepare for them.
A living will contains instructions about medical decisions that will be invoked if you become seriously injured or incapacitated, and are unable to act on your own behalf. Who would you want to make these decisions?
Many people feel very strongly about specific medical treatments and/or life support issues, and their wishes need to be defined in a living will. If this document doesn’t exist, loved ones with conflicting viewpoints may find themselves in exhaustive legal battles. In the absence of a living will, Arizona law requires that you be kept alive indefinitely in the event of incapacitation—at the expense of your family. If you don’t want this, it must be defined in a living will.
Powers of Attorney
The Estate Plan Store® provides customers with three types of powers of attorney which name a person or persons who can act on your behalf if you can no longer manage your affairs.
In the event that you’re incapacitated or unable to make decisions about your care or assets, who would you trust to do so? If you don’t spell this out legally, your wishes may not be represented. A guardian will be appointed by the court, and that guardian may not be the person you desire.
HIPAA Authorization
HIPAA stands for Health Insurance Portability and Accountability Act. Under HIPAA, medical providers can face sanctions and fines for releasing “Protected Health Information,” if unauthorized. For this reason, medical providers are reluctant and unlikely to release medical records to anyone other than the patient.
If incapacitated, you may need a trusted loved one to access your medical records in order to make an informed decision affecting your health. Additionally, someone may need to interact with billing departments or insurance companies on your behalf. You have the right to restrict who can view this information, who cannot, and what information they have access to.
A HIPAA authorization grants an individual or entity permission to use protected health information for specified purposes. The authorization states which health information can be released, such as past medical procedures or billing information.
Funeral and Burial Instructions
Many of us feel very strongly about how we want our bodies to be treated once we pass. There are many options, and they need to be clearly defined. This will ensure your wishes are honored and possibly prevent heated arguments among family members with conflicting viewpoints.