Estate planning is personal to each person and should consider numerous factors, from type and amount of assets to wealth goals and age.
In addition to wills and trusts, transfer instruments such as Lady Bird Deeds or Affidavits of Heirship can improve an estate plan.
Trusts are critical for many estates and can be used to protect assets beyond their life time. They can also be changed or revoked.
Almost every adult should have a will. Everyone with a trust plan should have some type of will. We will make sure your will has everything it needs to provide for seamless administration of your estate.
This legal document will ensure that trusted individuals will be legally able meet your health needs according to your wishes and that you are taken care of as you see fit should anything happen to you.
This legal document will allow trusted individuals to handle your finances in case of emergency or if you become incapable of doing so yourself.
This key document tells medical professionals how your are to be treated while you are under their care, which is especially important during end of life treatment.
Step One: Establish a financial power of attorney. The most important thing to consider here is choosing the right person who will handle your financial affairs should you ever find yourself incapacitated or otherwise unable to make financial decisions. This person should be given broad powers to deal with investments, sign important financial and legal documents, and make all banking and financial decisions. Of course, you should pick the person you believe you would be most trustworthy and competent in these matters.
Step Two: Obtain a medical power of attorney. This will provide a trusted individual with authority to act on your behalf regarding medical decision making, during sickness or emergencies. Again, generally speaking this power should be broad and allow your agent to make all the necessary medical decisions during end of life or while in a state of incapacity.
Step Three: Make sure you have a directive to physician (living will) established that suits your personal wishes. Those interested in customizing their directives to include how to be specifically treated based on one’s faith should consider having a directive crafted to fit their situation.
Step Four: Determine whether a will or trust-based plan would best suit your specific needs for yourself, family, and anyone else to whom who would wish to provide benefit. A trust-based plan will typically include a “pour over will”, which is held as a backup tool in case an asset is unintentionally left out of the trust. Your trust or will should be coordinated with your accounts which name designated beneficiaries.
Step Five: Consider giving back. Think about ways you can incorporate planned giving into your estate plan as a way to show your loved ones and beneficiaries what you value and to provide for others in need.
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