Russman & Phinney

Q: What are the key documents every adult should have in place to protect themselves and their family?

A: At minimum every adult should have a last will and testament, a durable power of attorney and a healthcare directive in the state of New Hampshire. The last will and testament directs your loved ones, and the court how you would like your property to be distributed after you pass away. In this document, you have complete control over who is allocated your belongings and what belongings they are entitled to. Should you pass without a will, state law will determine how your assets will be distributed, through the probate process. The durable power of attorney and healthcare directive is only ever used when you become incapacitated or incompetent and cannot speak for yourself. The durable power of attorney gives an agent, selected by you, the authority to act on your behalf for financial affairs, such as paying your bills while you are unable to act on your own behalf.  These documents are often enacted when someone experiences a healthcare scare or develops a progressive illness that affects their ability to make competent choices pertinent to their well-being. The healthcare directive gives your agent the authority to make healthcare decisions on your behalf when you are unable to speak for yourself. Should you become incapacitated or incompetent without these two documents, your loved ones will have to petition their local probate court, and possibly incur legal costs through filing fees and attorney’s costs, to be appointed as your personal guardian to make such choices. The court may appoint anyone that they believe to be fit enough, within the parameters of New Hampshire law, which may be different from who you would’ve elected had you prepared such documents. 

— Emily LeClerc, attorney, Russman & Phinney

Q: What are the most common mistakes people make when creating (or avoiding) an estate plan, and how can they be prevented?

A: The most common mistake people make with estate planning is simply the delay in actually doing it. Often, people push off estate planning as “something they will get to eventually.”  Many of our clients contact us after they have had a loved one recently pass without an estate plan. At that point, they see how difficult it can be to manage an estate without clear direction while also grieving. This added confusion, cost and stress can be avoided by having a proper estate plan in place, and informing your appointed executor of where to find it and what it contains when the time comes. In sum, it is critical to be proactive and plan ahead – before you need the effective documentation. 

— Laura Purslow, attorney, Russman & Phinney