Everyone, regardless of family dynamics or financial status, can benefit from having an estate plan. An estate plan provides instruction on how your estate is to be distributed after your death. It also defines how your assets should be managed if you become disabled and unable to make financial or health care decisions.
Wills and Trusts
Wills and trusts are the foundation of estate planning. They describe how your assets are distributed to your heirs when you pass away.
A last will and testament is a legal document detailing who is authorized to administer the estate, as well as how assets are to be distributed. Having a last will and testament can simplify the probate administration process and reduce stress for the beneficiaries.
There are different types of trusts, each with unique benefits. For example, a revocable trust will eliminate the need for probate and maintain privacy.
Power of Attorney
Any comprehensive estate plan also includes planning for incapacity during your lifetime. In the event you are unable to handle your financial affairs or make your own medical decisions, a well-drafted power of attorney will name an agent to act on your behalf and will ease the burden on your family.
There are two types of powers of attorney that may benefit you and avoid the need for a guardianship proceeding:
Durable Financial Power of Attorney
Medical Power of Attorney
There are also additional proactive planning tools like a HIPAA Release and Authorization and Instructions for Final Disposition.
Are you ready to get started with your estate planning? Contact us today to schedule an appointment.