Estate Planning FAQs
At Ardent Legal, PLLC, we love when our clients have questions. Below our Morgantown, WV estate planning attorney, Brianna W. McCardle, answers some frequently asked questions about estate planning.
What is estate planning and why is it important?
Estate planning is the development of a plan, in advance, to specify how you want to handle your assets in the event that you are seriously ill and cannot do so yourself and/or in the event of your death. Estate planning can also involve specific directives on who will make medical decisions for you in the event that you are unable to do so yourself and the types of medical treatments you do and do not want. Thinking about these things can be unpleasant, but it is a necessary undertaking that helps to alleviate stress and uncertainty on your family and loved ones in the future.
What should I include in my estate plan?
Every estate plan should include four basic documents: 1) a Will; 2) Durable Financial Power of Attorney; 3) Medical Power of Attorney; and 4) Living Will. Your estate plan may also include a Trust (revocable trust also known as a living trust), depending on your individual needs. Your Will can also include Trust provisions to establish a trust in the event of your death (called a testamentary trust). You may also wish to create a supplemental needs trust or make plans for long-term care planning through Medicaid planning.
What is a Will and why is it important?
Generally, a Will (or Last Will and Testament) is a legal document that specifies who will oversee how your estate is handled after your death (this person is called an “Executor”) and how your property will be distributed after your death. If you have minor children, you can also name who will be the legal guardian of your children in the event of your death. You can also establish a trust for your minor children in your Will. Wills, when drafted well, clearly state your wishes after your passing so that there is no question as to who should handle your property, how it should be distributed, and if applicable, who should be designated as the legal guardians of your children. If you pass away without a Will in place, your wishes are unknown, and this can create more stress, tension, and confusion for your family and loved ones.
What is a Medical Power of Attorney and why is it important?
A Medical Power of Attorney is a legal document that names a person (or persons) to make medical decisions for you in the event that you are unable to do so yourself. This is extremely important as it clearly states who you would like to make decisions for you in the event that you are incapacitated (unable to communicate your wishes on your own). Again, this alleviates stress, tension, and confusion for your family and loved ones and alleviates the burden of a medical provider having to select someone to make decisions for you (called a “medical surrogate”).
What is a Living Will and why is it important?
A Living Will often goes hand-in-hand with a Medical Power of Attorney. It is another legal document that specifies the type of medical treatment you want (and do not want) in the event that you are incapacitated or seriously ill and are unable to make decisions for yourself and/or to communicate those wishes. This document can be as specific as you wish for it to be and can include directions on feeding tubes, artificial life support, and other medical intervention which you may or may not want. A carefully drafted Living Will can clearly state your wishes about medical treatment in the event you can not do so yourself, which again, can alleviate stress, confusion, and heartache for your family and loved ones.
What is a Durable Financial Power of Attorney and why is it important?
A Durable Financial Power of Attorney is a legal document that designates a person (or persons) to handle your finances and financial affairs in the event you are incapacitated and are unable to do so yourself. It is “durable” because it lasts throughout your incapacitation. It also specifies the types of financial matters your agent can and cannot handle on your behalf. This document is important because it allows someone to handle your affairs for your in the event you are unable to do so yourself, without a legal proceeding for the person to act on your behalf.
What is the West Virginia e-Directive Registry?
Individuals in West Virginia can upload their advance directives (think Medical Powers of Attorney and Living Wills) to the West Virginia e-Directory which can then be accessed by medical providers in West Virginia. Providers across West Virginia have access to the e-Directive Registry. This allows providers to easily access a patient’s advance directives, on site, as patients do not always have them on file with their providers or with them in person when in need of medical care.
Do I need an estate plan?
Absolutely. It is never too early to start planning for the future. The sooner you take care of an estate plan, the better. Many people mistakenly believe that estate planning is only for the wealthy. This is not true. Estate planning can be tailored to any individual or any set of circumstances, and creating a well-drafted estate plan is particularly important if you have young children. You should never wait until it’s too late to establish a plan for your estate.