Estate Planning - Connor Law Firm

An Estate Planning Nugget

By Ben E. Connor, Estate Planning Attorney, The Connor Law Firm, PLC, St. George, Utah 435-359-1414 If there is anything we’ve learned after nearly two years of Covid-19, it’s that life is fragile and the future is unknown. It has also shown us the importance of creating or updating an estate plan. None of us know what tomorrow will bring, so for your own peace of mind and the good of your loved ones, it is important to have a comprehensive plan in place.

There are several key documents an estate plan should include to protect you and your family if you should suddenly become very ill or pass away:

Revocable Living Trust

In a revocable living trust, you can name yourself as a trustee and continue to exercise control over the money and property you transfer to your trust. Your trust can specify when and how the funds should be distributed to your beneficiaries when you pass away. Further, if you have transferred all of your property into the trust, it will not have to go through the probate process which can be expensive, time consuming, and open to any member of the public.

Last Will and Testament

A Will enables you to specify the individuals you would like to receive your money and property. For many, however, a will alone is not the best solution, as it is only effective after you pass away and does not avoid probate.

Powers of Attorney (Health & Financial)

Using a power of attorney, you can name people you trust to make financial and healthcare decisions on your behalf.

Advance Directive/Living Will

Your advance directive, also known as a living will, is a document that spells out your wishes for the end of your life. For example, whether or not you want to be placed on life support if you are in a vegetative state or have a terminal condition.

HIPAA Authority

Due to privacy laws, medical institutions are not allowed to provide any information concerning your condition even if you are a patient, unless the person inquiring is listed as a permissible person. The HIPAA Authority is an affidavit (signed and notarized) which lists those persons you approve of as a healthcare information recipient.