What Do I Need to Create an Estate Plan?
Some of the documents we utilize to implement your estate plan are as follows:
- Will: This legal document outlines who will manage the probate process for you, how your belongings will be distributed, and, if applicable, who you want to be nominated guardian of your minor children or other disabled family members after you die. If you die without a will, the state makes these decisions—often at an added cost to those you love most.
- Trust: This legal document is generally an alternative to a will. The primary purpose to use a revocable trust instead of a will is to avoid probate.
- Financial power of attorney: This delegates the power to someone you name to legally handle your financial affairs should you become disabled or incapacitated. Without this, no one may be able to access your bank account, securities, or any other property in your name without lengthy legal proceedings.
- Healthcare power of attorney: A healthcare power of attorney names a spouse or trusted relative to make health care decisions for you in case you are physically or mentally incapable of doing so on your own.
- Living will: A living will informs medical personnel that you do not want certain life-sustaining procedures if you are in a terminal condition (which includes a persistent vegetative state and a coma) and unable to decide for yourself. It is important to inform your physician of your desire to deny any medical procedures, treatments, or interventions that use mechanical or artificial means to sustain, restore or supplant a spontaneous vital function and would serve only to prolong the dying process.