A comprehensive estate plan is essential to control how your assets are distributed when you pass away. Additionally, a good estate plan can potentially protect assets and save your family the heartache, headache, and hassle of dividing your estate without any guidance.
My basic estate plan includes a will, advance directive (living will), durable power of attorney, medical power of attorney, and HIPAA release. These documents are designed to take care of your estate after you pass away and while you are alive.
A will ensures that your assets are distributed according to your wishes and have a place in any comprehensive estate plan. A will can serve many functions beyond deciding who will inherit your prized porcelain doll collection or your classic cars. A will can also set aside provisions for the care of a loved one, contribute assets to charity, structure distributions to your heirs, and much more. At your consultation with me, I will discuss your needs and assess the appropriate devices for carrying out your intent.
Long before you die, it is also important to preserve your potential estate in the case that you lose decision-making capacity. Choosing the correct guardians can provide safeguards against exploitation. Additionally, your healthcare decisions also belong with someone you trust in the case you can no longer make these decisions yourself, from the day-to-day decisions of which doctor you treat with, to the larger decisions, such as what should happen if you are terminally ill.
Though not part of my basic estate planning package, trusts are also flexible and powerful tools that can supplement and enhance the basic estate plan. Trusts can provide for the transfer of assets while living, hold valuable property, and provide legal protection against certain debt holders, among other advantages.
Book a consultation today to discuss your estate planning options with me.