WHAT YOU NEED TO KNOW ABOUT ESTATE PLANNING

Approximately 100 Palestine Regional Medical Center ‘Senior Friends’ attended this month’s Senior Friend’s educational brunch held at PRMC. Jackson Hanks, a Palestine attorney, spoke to the large gathering about legacy (estate) planning.

“I’ve never had a client who could 100% guarantee to me they would be alive tomorrow,” Hanks said. “In Texas, it is estimated only 20% of the people have a last will and testament,” he continued. “This is something you should do for all the people whom you love as well as for those upon whom you rely so they may carry out your wishes.”

He outlined several other legal instruments that people should discuss with an attorney:

Healthcare Power of Attorney - Designates a person to make healthcare decisions for you in the event you are not able to make them for yourself.

Property Management Power of Attorney – You may elect to have someone else manage your worldly affairs.

Declaration of Guardian – You may designate someone to have authority over your person and estate in the event you become incapacitated.

HIPAA Authorization – Under the Federal privacy statue, no one is authorized to obtain information from healthcare providers. This document allows the appointed person to obtain this information.

Living Will – In the event you are diagnosed with a terminal disease or condition, the directive in the Living Will requests your healthcare providers keep you comfortable but no take extraordinary measures to extend your life by artificial means or to take all measures possible to keep your body alive.

Last Will and Testament – This document directs the disposition of your worldly estate.

Living Trust – This is an estate planning instrument recommend in specific situations. It is an effective estate planning tool when there are multiple marriages by the trustors.