What is an Estate Plan?
Simply put, an estate plan is a set of documents that give your instructions for your assets in the event of your disability or death. Your estate is all the property you own and your obligations. It can include real property, cash, bank accounts, retirement accounts, cars and other personal possessions.
The main documents in the estate plan are a will and a trust (also known as a living trust).
Estate planning usually has several objectives and goals. They include:
- Making sure your assets are for you when you are alive
- Giving you control as long as you want and are able
- Giving to whom you want in the way you want
- Paying the least amount of taxes on your estate
- Maintaining privacy and keeping others out of your affairs
- Assigning guardians for minor children and protection of bequests
But a COMPLETE ESTATE PLAN also contains documents that can help in situations while a person is alive. This includes a durable power of attorney for finance and an Advance Health Care Directive (sometimes called a “living will” or health care power of attorney).
Attorney Ketron believes that everyone benefits in having a COMPLETE ESTATE PLAN because you don’t know what may happen in the future.
What is included in an estate plan?
A complete estate plan includes the following:
- Living Trust (if appropriate)
- Last Will & Testament
- Durable Powers of Attorney for both Health Care and Finance
- Conservator Nomination
- Documents for you to “fund” your trust
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