The most common estate plan we handle in our office for our Raleigh estate planning clients consists of: (1) Last Will and Testament, (2) Health Care Power of Attorney, (3) Living Will, and (4) Durable General Power of Attorney. If it is appropriate, we also will tack on a Revocable Living Trust.
The Will is what most people know they need. It answers the questions like: (1) Who is going to be the guardian for my children? Or (2) Who gets my stuff after I die? Or (3) Who is going to make sure my affairs are in order and the right people get the right things?
The Health Care Power of Attorney designates an agent to make medical decisions when you are not able. This prevents fighting and chaos at critical times in your medical care.
The Living Will directs health care providers about your wishes when you are not able to make them at the time. This acts in tandem with the Health Care Power of Attorney. If the two are in conflict, you can designate which one controls.
The Durable General Power of Attorney allows another to act as your agent with much broader powers, including financial affairs. This is great if you are incapacitated but it also helps with day to day affairs or if someone leaves on a business trip or vacation.
If you need help with Wake or Durham County Estate Planning, contact us for a consultation.
