Nurses Have Needs Too!
We are here for your Estate Planning needs.
Time seems to be the one thing we just cannot get enough of. This is especially true if you are one of our nurses or frontline healthcare workers. You work tirelessly caring for others and may not have a lot of free time to work on your estate planning. If you are able to answer the following questions or at least think them through, you can get a jump start on the estate planning process today.
1. Who do you want to handle your financial affairs?
One major issue that needs to be addressed during the estate planning process is the handling of your money and property. This includes what will happen while you are alive and what will happen at your death. The person(s) you choose to put in charge of your money and property should be trustworthy, detail-oriented, savvy with their own money, and good at record keeping. To assist you with your financial affairs, you may decide to appoint someone to serve as your agent under a financial power of attorney and/or a successor trustee of your revocable living trust.
The agent is responsible for carrying out the financial transactions listed in the financial power of attorney on your behalf while you are alive. The document can be tailored to meet your needs, granting your agent as much or as little authority as necessary or desired. You could grant your agent the authority to do everything you could do (referred to as a general durable power of attorney), or the agent could be instructed to only open a bank account for the purposes of depositing a specific check (referred to as a limited power of attorney). You also have the ability to specify when your agent is allowed to act on your behalf. With a springing power of attorney, the agent can act only if you become incapacitated. The method used to determine whether you are incapacitated is stated in the power of attorney. Alternatively, an immediately effective power of attorney allows your agent to act the moment you sign the document, even though you are still able to conduct your own financial affairs. This document, however, does not limit your ability to carry out your own transactions: It merely gives you another person who can carry them out instead.
Another way a trusted individual can assist you is by serving as a successor trustee of your revocable living trust. When the trust is first created and you transfer money and property to the trust, you will likely serve as the initial trustee and will be in full control of the money and property, just as you were before. In addition to being the trustee, you will also be the current beneficiary, allowing you to continue to enjoy the money and property ev