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WHO NEEDS ESTATE PLANNING?

Almost every individual, regardless of the value of his or her estate, needs estate planning. If your estate has a small value, your estate planning may only focus upon who is to receive your property after your death. If your estate is larger, your attorney will discuss with you not only who is to receive your property upon your death, but also different ways to preserve your property for your heirs. For example, estate planning often involves planning to reduce or defer the amount of federal estate (death) taxes which otherwise might be payable on your death.

However, regardless of the size of your estate, you will want to designate who, in the event of your incapacity, is to manage your affairs, to care for you and to make health care decisions. You also will want to consider such alternatives as durable powers of attorney for health care and property and conservatorships of the person and estate.

WHAT IF I BECOME UNABLE TO CARE FOR MYSELF?

If you become incapable of managing your estate or of providing for your own care, you should determine, in advance of any such incapacity who you want to care for you and your estate.

Conservatorships are court-supervised proceedings which allow the court to appoint who is to care for you and to manage your estate if you are incapacitated.

Alternatives to a Conservatorship are a durable power of attorney for property and a durable power of attorney for health care. A durable power of attorney does not involve a court proceeding and may be effective immediately or upon the occurrence of some future event. In a durable power of attorney, you (the "principal") appoint another individual (the "attorneyin-fact") to make health care or property management decisions on your behalf. Under a durable power of attorney for property, the attorney-in-fact manages your assets and functions much as a conservator, but without court supervision. Under a durable power of attorney for health care, the attorney-in-fact makes health care decisions when you can no longer make such decisions.

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