Married With Children
As a married couple with one or more minor children living at home with you and your spouse, your estate plan should consist of the following:
|A Last Will and Testament for each spouse||A Directive to Physicians "Living Will"|
|A Durable Power of Attorney for Financial Purposes for
|An authorization and release for HIPAA compliance*, and|
|A Durable Power of Attorney for Health Care Purposes for
|Advance arrangements for your funeral and remains*.|
|Perhaps a Community Property Agreement|
*Two other documents will also be provided to you at no cost; a HIPAA Authorization and Release Form for you to complete, and an Advance Funeral Directive should you choose to complete the same.
Your Last Will and Testament
Your Last Will describes who will receive your estate (your house, car, personal property and possessions, etc.) and who is going to take care of things for you (your “Personal Representative”). More importantly, your Last Will identifies who you want to act as guardian for any child or children you may have under the age of 18 years. Selecting a guardian is one of the most important actions you can take to secure their wellbeing.
Protective Provisions for Your Children
Your Last Will will contain provisions allowing your Personal Representative to establish a trust or a custodial account under the Uniform Transfers to Minor's Act for any child under 18 years old. The funds set aside are to be used for the needs of your child or children. Once the child reaches the age of 21 years, the account is to terminate and any remaining funds set aside for the child will be distributed to the child.
Your Durable Power of Attorney for Financial Purposes
Your Durable Power of Attorney for Financial Purposes identifies who you want to act for you in the event that you are unable to manage your own financial affairs. This person (your "Agent”) is generally your spouse and if your spouse is unable to act as your agent, then you will need to select an alternate - someone you can trust to make the right decision for you and is available and willing to help. You will need to decide whether your power of attorney will be effective immediately or “spring” into effect only if you become incapacitated (preferred).
Your Durable Power of Attorney for Health Care Purposes
Your Health Care Durable Power of Attorney identifies the person who will act for you if you are not able to make your own health care and related medical decisions. As a married couple, this person will generally be your spouse. You will want to select one or more alternates who may be different people from whom your spouse selects. This document is effective when you are unable to make your own health care decisions.
Your “Living Will”
You may want to implement a “Living Will” which describes the type of comfort care you would like to receive should you have a terminal condition or experience a vegetative or permanently unconscious state.
HIPAA Authorization and Instructions regarding disposition of your remains
The HIPAA authorization form identifies who may deal with your protected health care information and should be included in your medical records. You may also want to express in writing your wishes regarding the place or method of disposition of your remains.
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choose and pay for only what you need
|Last Will and Testament:||$75 / spouse|
|Financial Durable Power of Attorney:||$35 / spouse|
|Health Care Durable Power of Attorney:||$35 / spouse|
|Directive to Physicians ("Living Will"):||$15 / spouse|
|Community Property Agreement:||$35|
|HIPAA Authorization and Release Form:||INCLUDED|
|Advance Funeral Directive:||INCLUDED|