Estate Planning
Your estate plan is like a puzzle: each piece is an integral part of the whole, serving a unique and important purpose. A well-crafted estate plan will include some combination of the documents described below. Which documents are right for you will depend on your unique circumstances, and there may be more than one way to achieve your desired result. Consulting with an estate planning attorney will help ensure you choose the method that makes the most sense for you. Read further below to learn more about some of your options, and call to schedule your consultation.
Will
​A will is a legal document that directs how your assets should be distributed upon your death. However, a will governs only property subject to the probate process. A will also designates a guardian for minor children or dependents and is thus a critical document for parents of minor children. In general, all estate plans will include a will. Click HERE to see my recent blog post on the differences between wills and trusts.
Trust
A trust is a legal arrangement where one party, called the settlor or grantor, transfers property to a trustee to hold and manage for the benefit of a beneficiary. There are several different types of trusts. Whether a trust is right for you, and if so, what kind, will depend on the value of your estate and your estate planning goals. Trusts can help avoid probate, maintain privacy, reduce estate or inheritance taxes, and protect beneficiaries' interests from creditors, among many other purposes. But they may not be appropriate for all individuals. Click HERE to see my recent blog post to learn more about whether a trust may be right for you.
Power of Attorney
A power of attorney gives another person the authority to act on your behalf in legal and financial matters during your lifetime. The authority expires upon your death. The person granting authority is called the principal and the person receiving authority is called the agent. The agent must act in the principal's best interest.
Healthcare Power of Attorney
A healthcare power of attorney appoints someone to make medical decisions on your behalf if you become unable to do so. This is different from a living will and may come into play if you are temporarily incapacitated or unconscious due to illness or injury. A living will, on the other hand, would dictate the extent of life sustaining treatment you receive in the event there is no hope of recovery. Most estate plans include both a living will and a healthcare power of attorney.
Living Will
​A living will is a specific type of advanced directive that specifies your end-of-life treatment preferences in the event you are incapacitated or unable to communicate for yourself and there is no hope of recovery. This document removes the decision about end-of-life care from family members and is intended to ensure your wishes are followed.
Other Important Documents & Matters
An estate plan may also include several other documents such as a certificate of trust, springing power of attorney, or a contract not to change an estate plan. Your estate plan may also include taking certain actions such as transferring ownership of financial accounts or changing or adding beneficiary designations on bank accounts or life insurance policies.