{"id":206,"date":"2017-08-08T17:08:52","date_gmt":"2017-08-08T17:08:52","guid":{"rendered":"https:\/\/eralawgroup.wordpress.com\/?p=206"},"modified":"2018-09-28T13:28:44","modified_gmt":"2018-09-28T13:28:44","slug":"tuesdaytips-effective-estate-planning","status":"publish","type":"post","link":"https:\/\/eralawgroup.com\/tuesdaytips-effective-estate-planning\/","title":{"rendered":"#TuesdayTips: Effective Estate Planning"},"content":{"rendered":"
A proper estate plan<\/a> should provide for the following: (1) the ability to control your property while you are alive and able, (2) planning for you and your loved ones should you become disabled, and (3) after you die, making sure your assets go to the people you love without unnecessary cost or delay.\u00a0 Moreover, for an estate plan to be effective there needs to be proper asset ownership and control of the process.<\/p>\n Every person over the age of eighteen, at the very least, needs a financial power of attorney, a health care power of attorney, and a will.\u00a0 The powers of attorney are for when you are alive but for whatever reason, are unable to manage your assets or make medical decisions for yourself.\u00a0 Additionally, the health care power of attorney<\/a> should include your wishes and instructions for life sustaining treatment should you be terminally ill, in a persistent vegetative state, or at the end-stage of a condition.\u00a0 These powers of attorney terminate upon your death.\u00a0 At that time, the will takes effect and your assets would be distributed in accordance with the terms of the will.<\/p>\n In addition to the powers of attorney and will, every estate plan should include long-term care planning.\u00a0 With the advance of medicine, people are living longer; yet, most of us have not made ample provision for our future long-term care needs.\u00a0 Creating an estate plan now ensures that you are in control of your future.<\/p>\n With that in mind, here are some questions you should consider:<\/p>\n