Estate Planning shouldn’t be confusing or overwhelming. In most cases, not having the right legal documents in place will cost undue time, money and stress on your family. Knowing what plan you need and having the right professionals execute it will make the difference in giving you peace of mind that your wishes are met and your family is protected.
A living trust establishes a successor trustee to oversee your estate plan and outlines to whom and when your assets are to be distributed. Having a living trust may in some cases help reduce or eliminate estate taxes. Should you have minor children, it identifies who you want to be your children’s guardian.
A will expresses a person’s wishes as to how their property is to be distributed after their death. It identifies which person is to manage the property until its final distribution.
Financial Power of Attorney
A financial power of attorney is an individual identified to make your financial decisions if you’re unable to. Financial decisions include paying bills, managing investments and making financial decisions on your behalf.
Health Care Power of Attorney
A heath care power of attorney is an individual identified to make your medical decisions should you be unable, specifically carrying out your end-of-life preferences.
Deeds are legal documents that are signed and delivered, especially regarding the ownership of property or legal rights. Filing the appropriate paperwork to deed your home to your trust will ensure probate is avoided.
An amendment is used to make changes to an estate plan due to life changes rather than creating a new living trust.