Single Grown Children
As a single person whose child or children are all over the age of 18 years, your estate plan should consist of the following:
|A Last Will and Testament||A Directive to Physicians or "Living Will"|
|A Durable Power of Attorney for Financial Purposes||An authorization and release for HIPAA compliance*, and|
|A Durable Power of Attorney for Health Care Purposes||Advance arrangements for your funeral and remains*.|
*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”). Your Last Will will also identify your beneficiaries. As a single person with a grown child or children, and perhaps if you have one or more grandchildren, you will need to decide whether you want your grandchildren to receive a deceased child’s share of your estate if you have a child who does not survive you.
Protective Provisions for minor beneficiary
If a beneficiary of your estate is a grandchild or grandchildren are under age 18, then your personal representative will have the authority to hold the child's share of the estate in trust or create a custodial account under the Uniform Transfers to Minors Act. Once the individual beneficiary reaches the age of 21 years, the trust or custodial account will terminate and any remaining funds set aside for the individual will be distributed to him or her.
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”) will be someone you can trust to make the right decision for you and is available and willing to help. It’s always a good idea to consider naming one or more alternate agents and to decide whether this appointment of your agent would be effective now 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. 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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|Last Will & Testament||$75|
|Financial Durable Power of Attorney||$35|
|Health Care Durable Power of Attorney||$35|
|Directive to Physicians ("Living Will")||$15|
|HIPAA Authorization and Release Form||INCLUDED|
|Advance Funeral Directive||INCLUDED|