What is a comprehensive estate plan?
- Last Will & Testament
Also called a Will. Is a document that describes how a person’s debts are to be paid and assets distributed at
his or her death; it names a guardian for minor children, and names and executor or personal representative to
oversee the settlement of the estate.
- Living Trust
Also called a Revocable Trust, is a trust that is often used to avoid probate. This type of trust can be changed or
revoked at any time (and from time to time) during the lifetime of the person (called the settlor or the grantor)
who set it up.
- Power of Attorney
Is a document which names and authorizes a person(s) to make financial decisions and/or transactions for
another person (called the principal).
- Living Will Declaration
Also called an Advance Directive, is a document that instructs your physicians and loved ones as to your
intentions relative to life support (i.e., artificial nutrition, hydration and respiration), in the event that you are
permanently unconscious or have a terminal condition.
- Healthcare Surrogate Designation
Also called a Health Care Power of Attorney, is a document naming a person to make health care decisions for
another person (called the principal) when the principal is no longer able to do so.
- HIPAA Authorization
“HIPAA” is the Health Insurance Portability and Accountability Act of 1996, a federal law that protects a person’s
private medical and mental health information. A HIPAA Authorization is a document that designates a
person(s) who may receive another person’s private medical and mental health information.