By following the checklist below, small business owners can proactively address estate planning considerations to protect their business interests and ensure a smooth transition of ownership and management in the future.
A medical power of attorney is a legal document that allows an individual to appoint a trusted person, known as a healthcare proxy or agent, to make medical decisions on their behalf if they become unable to do so due to incapacity. This document ensures that their healthcare preferences are respected and followed, providing peace of mind during times of illness or incapacity. By considering the following questions, you can select a medical power of attorney who is capable, trustworthy, and aligned with your medical wishes and values.
A financial power of attorney is a legal document that grants authority to another person, known as an agent or attorney-in-fact, to make financial decisions and manage financial affairs on behalf of the principal, typically in the event of incapacity or inability to handle matters independently. It allows the appointed agent to handle tasks such as paying bills, managing investments, and making financial transactions on behalf of the principal. By considering the following questions, you can select a financial power of attorney who is capable, trustworthy, and aligned with your financial goals and values.
A legal guardian designation is a provision in estate planning documents that appoints someone to assume legal responsibility for a minor child or an incapacitated adult in the event of the parent's or caregiver's death or inability to care for them. This designation ensures that a trusted individual is empowered to make decisions regarding the care, upbringing, and welfare of the individual under their guardianship. By asking the following questions and carefully considering your options, you can choose a guardian who will provide a loving and supportive environment for your children in the event of your incapacity or death.
By asking the following questions and visiting potential nursing homes or rehab centers, you can make an informed decision that meets the needs and preferences of yourself or your loved one.
