Estate Planning Binder

First, the cornerstone of the estate plan can be either a will or a revocable trust. As discussed in articles previously published in this column, whether the estate plan should be a “will based plan” or a “trust based plan” depends on your desires with respect to privacy and avoiding probate, as well as the location, size and types of assets comprising the estate.

In addition to a will and possibly a trust, a complete estate plan should have a durable power of attorney for financial matters. This document allows legal decisions to be made regarding your financial matters in the event you become incapacitated.

In addition to the above documents, your estate planning binder should contain documents pertaining to medical treatment decisions. If desired, a living will for the state in which you now live should be included. A living will (also called a “directive to physician”) specifies that no use of artificial life-support systems should be used once you are beyond reasonable hope of recovery.

A medical power of attorney is also an important document. A medical power of attorney allows a specified individual to make medical decisions for you in the event you are too ill to do so.

Lastly, your estate planning binder should contain information pertaining to funeral arrangements.

In conclusion, a family estate planning binder is a wonderful way to put your affairs in order. Although you hope the binder will not be needed for many years, you will feel more secure knowing that it is ready.

Jeffery J. McKenna is a local attorney serving clients in Nevada, Arizona and Utah. He is a shareholder at the law firm of Barney, McKenna, and Olmstead with offices in Mesquite and St. George.