Estate planning can be considered a true gift to your loved ones. It helps them carry out your wishes after you’re gone.
With an estate plan:
- You choose which beneficiaries receive your assets.
- You can incorporate valuable tools that may help your estate avoid probate.
- Your advanced care directive communicates your treatment decisions to family and health care professionals.
4 essential tools of estate planning
Your will gives you the option to nominate a guardian for your minor children and include specific instructions for their care in the event of your death. It may also contain your wishes for a memorial service, your decisions about burial, and details about how your cherished possessions and keepsakes should be distributed to loved ones.
Generally, a power of attorney is established while you are legally competent. All rights to act under a power of attorney end at the time of your death. Without a power of attorney document, the court may have to appoint a conservatorship or guardian if you are unable to do so yourself.
There are different types of trusts and arrangements that can be made within trusts. Because of the complex nature of trusts and their potential impact upon your estate plan, it is essential to seek the assistance of an attorney when establishing one. An attorney can go through the steps to ensure your trust is created according to your needs and desires.
Will & Estate Planning Guide
This workbook-style guide walks you through the early steps of creating your will and setting up an estate plan. With fill-in-the-blank forms, answers to commonly asked questions and a glossary of terms, our 46-page guide can be used to help start the conversation with your estate planning professional.
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