Attorney Thompson discourages joint bank accounts if considering possibilities of bad scenarios such as accidents in the future.
Having a medical power of attorney can give you peace of mind because it will make the difficult decisions about your healthcare if and when you are not able to do so yourself. These could impact important future events such as surgery, hospitalization, or ongoing treatment plan preference.
Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that requires the creation of national standards to protect sensitive patient health information from being disclosed without the patient’s consent or knowledge. (https://www.cdc.gov/phlp/publications/topic/hipaa.htm)
HIPAA waivers or forms can also be provided. This waiver is not the same as a healthcare power of attorney. It does not give family members permission to make medical decisions, but it allows them access to review medical files and get updates on your condition.
It is important for every individual to have a living will as it is an important step to take in order to prevent unnecessary burden for your family.
While a will and a trust are both legal documents that allow you to spell out how you want your affairs to be handled after death, Heidi pointed out the main differences between a will and trust packages.A will spell out how you want your affairs to be handled and what happens with all of those assets. A trust, on the other hand, is a legal document that gives somebody the right to hold title to your assets for you after you die.
Attorney Thompson also emphasized the meaning of probate. According to her. “Probate is a process where the state looks at people that have passed and the things they own and determines who the rightful owner is and if there’s a will, that’s where they verify if the will is current and is accurate. The will is the direction to the probate court.”
She also added that trust is fairly infinite and revocable. During one’s lifetime, it can be changed. A person can control all of the assets while alive. They don’t die.They don’t go to probate court and they keep on going even after many generations till they fulfill the purposes of a will.
For further information about all the things discussed and anything about estate planning, you can visit www.lifeguardinglegacies.com or email her at info@lifeguardinglegacies.com
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