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Elements of Estate Planning

Marianne Coulton is a lawyer who operates her own law firm, Marianne Coulton, PA, located in Boynton Beach, Florida. She specializes in estate planning and probate.

Estate planning involves the orderly distribution of one’s assets after death or disability. Elements of estate planning include the last will and testament, the living will and healthcare power of attorney, and the financial power of attorney.

The last will and testament, or simply the will, includes instructions on who will receive a person’s assets after he or she passes away. In the absence of a will, the estate of a person will have to go through a probate process in which state law will dictate how assets are distributed.

The healthcare power of attorney and the living will are concerned with situations when the estate owner is still alive but unable to make decisions due to being incapacitated in some way. These documents allow the estate owner to name a healthcare decision maker, and to communicate his or her wishes regarding medical care in cases of terminal illness and incapacity.

While the healthcare power of attorney and the living will are focused on matters concerning health, the financial power of attorney is concerned with financial considerations. It identifies the person who can make financial decisions on behalf of the estate owner if the estate owner is incapacitated in some way. Financial matters include things such as the payment of bills and investment decisions.