Basic Estate Planning
Every individual should create a basic estate plan during their lifetime. One of the advantages to creating a basic estate plan is the ability to select the individual taking care of your personal affairs if you become disabled or pass away (rather than the Court). Another advantage is the ability to provide continued support for your family members (including your spouse and/or children) after your death. A third advantage is the your ability to pre-select and/or designate who will recieve your assets at your death (beneficiaries). Finally, basic estate planning allows you to minimize the need for probate administration.
The following are the estate planning documents everyone should have:
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Designation of Health Care Surrogate (Health Care Directive): The health care directive allows you to appoint the individual or individuals who will care for your health related needs in the event that you become incapacitated and cannot do so yourself.
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Durable Power of Attorney: The durable Power of Attorney allows you to appoint the individual or individuals who will care for your financial related needs in the event that you become incapacitated and cannot do so yourself.
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Last Will and Testament: The last will and testament allows you to appoint a personal representative who will take care of your affairs after your death. The last will and testament describes how funeral expenses should to be paid and designate certain beneficiaries who you want to receive your personal and/or other property upon your death. The last will and testament used with a revocable living trust is called a pour over last will and testament, and “pours over” assets from your estate at your death.
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Revocable Living Trust: The revocable living trust appoints a trustee who care for assets and distributes assets to certain beneficiaries at death. A revocable living trust can provide for limits on spousal and/or family support so that you assets are distributed wisely at your death. For instance, a revocable living trust can limit the distributions to beneficiaries reaching a certain age or ages.
Contact Capital Planning Law, PLLC for your complimentary consultation to discuss your estate planning, business law, probate, guardianship and/or real estate needs.
