FAQs

Commonly Asked Questions Regarding Estate Planning

Q. Why should I have a Power of Attorney for Finances?
A. A Power of Attorney for finances will aid in avoiding a Conservatorship proceeding should you become disabled or you are no longer capable of managing you financial affairs.

Q. What are the drawbacks of Conservatorship?
A. A Conservatorship requires involvement in your affairs of the Probate Court. Annual accounting of how your Personal Representative handles your assets is required. Professionals such as attorneys and accountants in some instances must be used. Your assets also become a public record.

Q. Why should I have a Health Care Power of Attorney?
A. A Health Care Power of Attorney will aid you in avoiding a formal Guardianship proceeding. You get to choose who will aid you in addressing your health needs should you become unable to communicate with your health care providers. You will have had ample time to discuss your wishes with your agent and even leave written instructions for your care. Your agent can also decide for you based upon your wishes, when it is appropriate to end extraordinary measures to maintain your life.

Q. What is a drawback of Guardianship?
A. A formal Guardianship requires annual reports and court intervention in what is usually a very personal aspect of your life.

Q. What is the minimum estate plan which I should have?
A. At a minimum, you should have a Will along with Power of Attorney for Health Care and Power of Attorney for Finances. The Will can appoint guardians and conservators for your minor children as well as state how you want to have your assets disbursed upon your death.

Q. Is a Trust better than a Will?
A. Many people believe so. The Trust aids you during your lifetime. A Will only becomes operative upon your death. A Trust avoids Probate proceedings. A Will requires Probate proceedings to make it a valid document to follow. A Trust can also aid you in the avoidance of estate taxes. A Trust, however, is a document which contains terms and concepts with which many people are unfamiliar and accordingly are uncomfortable using as an estate tool.

You should meet with an attorney to draft a document tailored specifically for your individual needs. While many estate documents have standard paragraphs which are necessary to address various legal issues, any estate document you execute should be understood by you.

The staff of Martin L. Rogalski, P.C. will aid you in formulating estate planning documents which will fit your situation and which you will understand. Contact our office to discuss your estate planning needs with an attorney.