Wills are perhaps the most widely known estate planning document. A will is a plan for how to administer your estate in the event of your death. This plan should consider how to distribute property with title like automobiles or real estate. It can also provide for distribution of specific items of property and ensure minor children are cared for. You should consider who you would want to raise your children and who would manage their assets in case of an unexpected tragedy.
A trust is a way to ensure that someone who may not be able to properly manage money or property can get the benefits from it while someone else manages it. A trust can be created through a will upon a person's death or created during a person's lifetime for the health, education, maintenance or support of another. Consider a trust for those with special needs or for those who squander money.
ESTATE PLANNING - It's not just for old people!
ADVANCE MEDICAL DIRECTIVE
This document communicates to a doctor what medical treatment a patient would like performed or refused. Many people consider whether they would like life sustaining treatments or whether they would prefer to not be resuscitated but not as many plan for that scenario. An Advance Medical Directive is a must for planing for the unexpected. This document has become especially important during the recent health pandemic for college students who study hours away from their homes.
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POWER OF ATTORNEY
A power of attorney is an agency relationship where one person designates another to act on her behalf. This document is critical for people who lose the capacity to run their businesses or handle personal affairs. In the event that a person loses the ability to care for herself and her family, a power of attorney will ensure that someone can still make medical and financial decisions and access accounts or documents on your behalf. This document has also become especially important during the recent health pandemic for college students who study hours away from their homes.
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