Casha Casha amp Evans LLC 115 Horseneck Road Suite 2 Montville New Jersey 07045 PH 9732631114 E ddinsmorecashacom Power s of Attorney Wills and Trusts Have you planned out a Will Have you revisited it lately ID: 1046342
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1. Donald S. Dinsmore, Esq.Casha, Casha & Evans, LLC115 Horseneck Road, Suite 2Montville, New Jersey 07045PH: 973-263-1114 E: ddinsmore@casha.comPowers of Attorney, Wills, and TrustsHave you planned out a Will? Have you revisited it lately?Have you thought about what would happen if you could not control your own finances? What is Power of Attorney?What if you were incapable of controlling your own medical decisions? What is an Advanced Directive/Living Will?What is an Irrevocable Trust, and when is that necessary?1
2. WILL – WHAT IS IT GOOD FOR?What it is:Short documentName Executor(s) to distribute your estateName beneficiaries and determine what share of your estate they inheritAppoint Guardian-ad-Litem to care for minor children2
3. WILL – WHAT IS IT GOOD FOR? – Cont’dWhy you need it:Generally:Decide who gets what and in what proportionPeace of mind for your familyPeace of mind for youDisinherit that “ahem” disfavored grandchildProbate – prevents loved ones from needing to pay a bond to act as your administrator 3
4. Benefits of Irrevocable TrustPuts your plan in place while you are livingMay eliminate worries of what would happen if you become incapacitatedMay eliminate the cost and delay of the probate processShelters your wealth from creditorsMay reduce post-death taxes4
5. The Building Blocks of Estate PlanningI. Power of Attorney (POA)Definition: A duly signed and acknowledged document in which a Principal authorizes an Agent to act on his/her behalf Source: NJSA 46:2B-10Durable POA: A form of POA allowed by statute, which remains effective if the Principal becomes incompetent to perform or consent to the acts delegated. Source: Random House Webster’s Legal Dictionary 3rd Ed.5
6. Some Points to RememberA Power of Attorney (POA) is void upon the death of the PrincipalThe Principal must sign the POAThe Agent does not need to sign the POA A person must be competent to execute a POAIf you relocate to another state, have your POA reviewed by a licensed attorney in the new locationCan take effect upon disability or immediately6
7. ADVANCE HEALTHCARE DIRECTIVE – WHAT IT ISAlso known asHealthcare ProxyHealthcare POALiving WillTwo part documentDesignation of Healthcare RepresentativeInstruction Directive 7
8. ADVANCE HEALTHCARE DIRECTIVE – HOW IT WORKSDesignation of Health Care RepresentativeDesignee (one at a time, please)Alternate (optional)Deliberately broad for benefit of representative making decisions8
9. ADVANCE HEALTHCARE DIRECTIVE – HOW IT WORKSInstruction DirectiveStatement of general wishes - “There are [or are not] circumstances in which I would not want my life prolonged by further medical treatment”When does it take affect?:Terminal illnessPermanently unconsciousIncurable & irreversible illness–More subjective “burdens of continued life w/ treatment become greater that benefits”Tubes – food, liquidDo not recisitate Anatomical gifts (organ donation)9
10. ADVANCE HEALTHCARE DIRECTIVE – WHAT HAPPENS IF YOU DON’T HAVE ONEWhy you might want oneHave someone in your cornerLet people know your med statusDecide your own fateGift to your loved one10
11. Donald S. Dinsmore, EsquireCasha, Casha & Evans, LLC115 Horseneck Road, Suite 2Montville, New Jersey 07045PH: 973-263-1114 E: ddinsmore@casha.com11