St. James Episcopal Church "Estate Planning Q & A" ESTATE PLANNING Q & A Q. Isn't estate planning only for the wealthy? A. "No, certainly not". You need an estate plan if you have children, strong feelings about how you want your property handled after your death or specific instructions about how your health care should be administered if you can't make decisions for yourself. Otherwise, a judge will name a guardian for your minor children if you die, state law will dictate who gets your belongings and your loved one could end up battling in court to determine whether to continue life-prolonging measures for you if you are in a vegetative state. Q. What does an Estate plan entail? A. Here are four essential parts of an effective estate plan: A WILL takes care of such things as designating the people and charities you want to receive any property that doesn't have a built- in mechanism for distribution on death (as life insurance and retirement plans do) and naming a guardian for your minor children. A HEALTH CARE POWER OF ATTORNEY AND LIVING WILL lets you select a trusted person, your agent, to make medical care decisions on your behalf, should you be unable to do so, and to articulate your wishes regarding heroic, life-sustaining measures. A HIPPA form authorizes the release of your medical information so your health agent can make informed decisions for you. A DURABLE POWER OF ATTORNEY designates someone to handle financial transactions for you if you cannot. A power of attorney is revoked at death, so be sure to name an executor in your will to handle your financial matters after your death. Q. I KNOW THERE ARE PRODUCTS ON LINE AND IN BOOK STOES THAT CAN HELP ME DRAFT A WILL AND OTHER ESTATE PLANNING DOCUMENTS, SO DO I REALLY NEED TO HIRE AN ATTORNEY? A. The complexity of laws and regulations requires someone well-qualified. Even if you undertake to write a document yourself, it is strongly advised that you hire a lawyer to look them over.