The purpose of a will package is to ensure your assets are protected both while you are alive and after your death.
The foundation of your estate plan begins with a will package. The following are documents included in a will package:
1. Last Will and Testament
A legal documents which states how you want your property to pass at your death, who you appoint as your Independent Executor and who will take care of your minor children upon your death.
2. Statutory Durable Power of Attorney
Allows you to name who you want to make business and financial decisions for you in the event of incapacity or disability.
3. Durable Power of Attorney
Allows you to name who you want to make your medical and health care decisions for you in the event of your incapacity or disability.
4. Directive to Physician (Living Will)
Declares your wishes with respect to life-prolonging treatments and procedures.
5. Declaration of Guardian
(Should the Need Arise) Allows you to name the individuals who will be your guardian of your person and estate in the event of your incapacity or disability. More importantly, it allows you to name the individual you DO NOT want serving in that capacity.
6. Declaration of Guardian for a Minor Children
(Should the Need Arise) Allows you to name the individuals who will be the guardian of your children in the event of your incapacity or disability.
7. HIPAA Authorization
Permits you to name individuals to have access to your medical information and records.
8. Disposition of Remains
Allows you to appoint an agent to make all decisions about the disposition of your remains after death.
After you have met with an estate planning attorney and the attorney has drawn the documents, you will want to review them every year to make sure they still reflect your wishes. As your life and family changes, you may want to review your plans and perhaps change them. We also advise that you have an attorney look over the documents to be sure they are still compatible with any changes in estate tax and federal law.