When planning your estate, let Dunn & Hemphill, P.A. answer all your questions and help explain matters of estate law to you in terms you can easily understand. Our law office has been practicing estate planning since 1975.
Our team will help you learn how to set up a solid estate that not only protects your money, but also ensures the financial needs of your family are met when you pass on. Call us for a FREE 30-minute consultation on estate planning today.
Power of attorney
Advanced Health Care Directive
Special needs planning
Wills: A will allows a person to direct how their property will be distributed. It is not legally binding until the person passes away and the will is submitted to the chancery court to be probated. It does not give the Executor any authority to act while the person is still living and a will only controls assets titled in the person’s name alone. It cannot transfer property or assets unless it is probated.
Trusts: A Revocable trust is amendable until the person becomes incompetent or deceased. This trust is effective and operative while the person is still living. The benefits of this type of trust are that you can avoid a probate; it provides asset management; prevents a conservatorship and it is favored by banks. However, this type of estate planning document is more expensive, and requires you to re-title all of your assets into the name of the trust. It also requires active participation and constant management to achieve the goals of avoiding a probate.
Power of Attorney: This document allows a person to appoint someone to be in charge of their financial and business affairs. The person must be competent in order to create a new power of attorney. A validly executed Power of Attorney is effective immediately if recorded, or a signed copy is given to the Attorney-in-Fact. This is less expensive and faster than a Conservatorship, but comes with much less oversight for the agent. This person that is named as the Attorney-in-Fact must be someone that the client completely trusts as a Power of Attorney is a very powerful document and can be used before a person is actually incompetent.
Advanced Health Care Directive: An Advanced Health Care Directive is sometimes referred to as a “Living Will.” This allows a person to make medical decisions for the person if the person becomes incompetent. This also allows the person to make end of life decisions now regarding issues such as whether or not they want to be kept on life support or whether or not they would like a feeding tube. A person must be competent in order to sign a valid Advanced Health Care Directive.
Special Needs Planning: When a family member faces special needs, special care must be given to estate planning to ensure that their access to adequate and affordable health care remains intact. Mr. Dunn is a certified Special Needs Planner and has decades of experience in offering competent and complete special needs planning.