People of all ages and economic levels can benefit from having a solid, personal estate plan. In addition to outlining your desires for the distribution of your assets after pass away, a good estate plan will ensure you are taken care of in the manner you want if you become incapacitated or unable to make your own decisions. In short, an estate plan gives you power during incapacity and after you pass away through a will or trust, advance directive, and power of attorney.
A will outlines what you wish to happen to your property after you pass away. You nominate a personal representative to carry out your wishes.
There are a number of different trusts available to you and you can use them to accomplish a number of goals. A trust is basically a vehicle for managing your assets while you are alive, after you pass away or both. One major advantage of most trusts is they avoid probate, saving your heirs time and money. Find out more about trusts.
Power of Attorney
A Power of Attorney document appoints a person to act on your behalf in the event you are incapacitated or could use some help. You nominate who can act as your agent and describe what they are allowed to do for you.
An Advance Directive, sometimes referred to as a living will appoints a person to make medical decisions for you if you are not able to make them yourself. It also outlines your wishes for certain medical treatment such as tube feeding and life support.