The following is a brief explanation of these documents:
DURABLE POWER OF ATTORNEY FOR HEALTH CARE
The Durable Powers of Attorney for Health Care normally
name each of you as the primary holder of that power with
a person, to be named, as the alternate. With this document
you can make health care decisions for each other in the
case of incapacity. Specific decisions need to be made with
respect to the authorization of the removal of life support
systems when you are terminally ill or in the case when
you are permanently unconscious. In addition, you must make
a decision with respect to the removal of artificial nutrition
and hydration.
DURABLE POWER OF ATTORNEY FOR FINANCE
With this document, financial and other non-health care
decisions can be made for you. This document can be used
in the case of incapacity or in a situation where one of
you is traveling and needs to transact business while you
are away. Typically, we recommend that the Durable Powers
of Attorney for Finances be held by our law firm because
these documents are effective upon execution. If the agent
named in your Durable General Power of Attorney has possession
of this document, he or she would have the authority to
transact business in your name. Usually, we would hold these
documents until we are notified to release them by you or
your physician.
LIVING WILLS
As a back up to the Durable Power of Attorney for Health
Care, we would normally prepare Living Wills for each of
you. The Living Will is a unilateral statement by you to
your health care provider that if two (2) doctors indicate
there is no hope for your recovery, you request to be removed
from life support systems and to die a natural death being
given whatever medications are needed to keep you comfortable.
In this document, you must also indicate whether you wish
to authorize the removal of artificial nutrition and hydration.
This document is a back up to your Durable Power of Attorney
for Health Care in the situation where the individuals named
in that document are no longer available to make health
care decisions for you.
POUR OVER WILLS
We generally suggest preparing separate Wills and Trusts
for each of you. The Wills will be what I refer to as “pour
over” Wills meaning whatever assets you have not transferred
into your Trust at the time of your death and which you
still retain in your individual name will be transferred
at the time of your death into your respective Trust. If
you fund your Trust during your lifetime with most of your
assets, then your Will should have little or no impact at
the time of your death. We generally draft Wills appointing
each of you as the primary executor of the other's estate.
Again, you must consider who you would like to appoint to
act as successor executor and advise me of this choice prior
to drafting of the Wills.
REVOCABLE TRUSTS
With respect to the Revocable Trusts, I anticipate drafting
a separate Trust for each of you. You will be the grantor,
trustee and beneficiary of your respective Trusts during
your lifetime. Your social security number will be the taxpayer
identification number for your Trust. You will continue
to control your assets as you do today. No separate tax
return is required for the Trust until the first one of
you dies.
BILL OF SALE
In general, the Bill of Sale is designed to transfer all
your currently-owned tangible personal property and household
effects into your Trusts, to be held and administered and
disposed of pursuant to the provisions thereof. Similar
property, subsequently acquired, will “pour-over”
into your Trust under your will provisions.
