Introduction & Overview
This has been discussed before, but it is worth addressing again. I’ll be sharing some posts about Estate Planning – what it is, why it’s important, and some commonly included documents. So, please check back. I will be posting weekly on this important subject!
Estate planning is an important part of financial planning that involves creating a plan to manage your assets and provide for your loved ones after you pass away. There are several documents that are commonly used in estate planning, including:
1. LAST WILL AND TESTAMENT: This document allows you to specify how you want your assets to be distributed after you die. You can also use a will to name a guardian for any minor children.
2. DURABLE POWER OF ATTORNEY: This document allows you to appoint someone to make financial and legal decisions on your behalf if you become incapacitated.
3. HEALTH CARE DIRECTIVE (OR LIVING WILL): This document allows you to specify your wishes for end-of-life medical care.
4. TRUST: A trust is a legal arrangement where a person (the trustee) holds assets on behalf of another person (the beneficiary). There are several types of trusts that can be used for estate planning, including revocable living trusts, irrevocable trusts, and charitable trusts.
Estate planning is important for everyone, regardless of your age or financial situation. By creating these documents, you can ensure that your wishes are carried out and that your loved ones are taken care of after you pass away. It’s a good idea to work with an estate planning attorney to help you create these documents and make sure they are properly executed.
*PLEASE NOTE: I am not an attorney and cannot offer legal advice but will be happy to refer you to an attorney upon request.
