This is one of the most important aspects of wealth management. As a fiduciary, we require that all our clients meet with a licensed estate attorney to put together an estate plan.
We recommend that each client has a signed and witnessed: Living Will, Last Will & Testament, Durable Power of Attorney (DPOA), Advance Health Directives and HIPAA Document.
Glover Park Wealth has partnered with attorneys in that are licensed in Washington, D.C., Maryland, Virginia and Atlanta, GA for our clients. We are happy to work with you to interview estate attorneys and setup meetings address any of your questions or concerns.
The living will be used to instruct medical care providers on how to proceed with making decisions regarding your health if you can no longer make decisions for yourself. The living will also protect your family members from having to make difficult choices about your care since they will be following your instructions on the living will.
A last will and testament is a legal document that gives clear and concise instructions on how they would like assets distributed following passing.
You will have the ability to name a guardian for minor children in a will and name the administrators or executors who are responsible for managing and distributing your property.
If you do not have a last will on file, the state law determines who will inherit your assets upon passing.
Each state has different laws and regulations, but most states will require the will to be signed in front of a certain number of witnesses who are also required to sign the document.
A power of attorney (POA) is a legal document that gives a person that you choose the power to act in your behalf if you become mentally incapacitated. You will need a "durable" power of attorney (DPOA) document to be responsible for the medical care and finances of the mentally incapacitated person.
The durable power of attorney document (DPOA) gives the appointed person legal authority to take care of your medical and financial matters such as: paying bills, signing checks, managing investments and make very important decisions regarding the healthcare of the incapacitated individual.
An advance healthcare directive is a legal document in which a person makes their wishes regarding end-of-life decisions so there is no confusion during these difficult times.
It protects persons right to refuse medical treatment or request medical treatment in the event they aren’t able to make healthcare decisions on their own.
The HIPPA authorization form outlines exactly who can speak on your behalf to medical personnel about your medical care, condition, and treatment. The doctor or health care provider will not speak to anyone on the phone or provide medical updates about your condition if they are not specifically named in the HIPPA Authorization Form.
The Health Insurance Portability and Accountability Act gives you this protection under the law to keep your medical records and condition private unless you authorize a person in your HIPPA Authorization Form to receive such confidential information.
We recommend that all clients have the HIPAA authorization form in place as part of their estate planning.