| Julie Fralich |
The vestry of the First Congregational Church of New Gloucester was packed on Tuesday, March 18, with Gray and New Gloucester residents eager to hear about the “Essentials of Estate Planning.” Tables quickly filled up and pens and paper were at the ready, as participants listened carefully and waited patiently for their questions to be answered.
Tracy Ferland and Greta Atchinson, attorneys from Lanman Rayne in Falmouth, started right off with this core message: anyone 18 years of age or older should plan to have three core documents: a Health Care Power of Attorney (or Advance Directive), a Durable Financial Power of Attorney and a Last Will and Testament.
— With a Health Care Power of Attorney for Health Care you choose another person (or persons) to make health care decisions for you, either right away or when you are too sick to choose your own care. The person you choose is called your agent. You decide when your agent can start making decisions for you. And you can provide special instructions to your agent about your wishes, such as when you are near death, in a permanent coma or no longer able to make your own decisions. All this information is provided in the Maine Health Care Advance Directive Form. (You can download the form below.)
— The Durable Power of Attorney also names an agent or agents to make financial decisions, pay bills, and protect your assets. It can be effective immediately or only when there is a finding of incapacity. This document is usually tailored to the individual’s needs and preferences and specifies the agent’s powers to manage assets (buy, sell, loan, invest funds), change beneficiaries on life insurance, pay taxes, etc. It covers real property, liquid assets and tangible property.
— A Last Will and Testament determines who gets a person’s assets upon their death. Without a Will, the Probate Code determines who gets your assets upon your death and is based primarily on proximity of kinship.
Whether 18 or 80 years old, everyone is advised to have these three documents completed using either a standard form, a form tailored to your specific needs and/or in consultation with an attorney. And most importantly, inform your family members or other agents where to find them or who has access to those documents when they might be needed. Reviewing those documents on a regular basis (e.g., every five years) is also recommended.
The Maine Health Care Directive Form can be downloaded here:
This presentation was another in the series hosted by the GNG Connectors in collaboration with the Town of Gray and BLING (Building Livability in New Gloucester).
