|Posted on May 26, 2022 at 2:55 PM|
ELEMENTS OF AN ESTATE PLAN
If you would like to establish an estate plan, the common elements are:
1) A revocable (living) trust – The trust becomes the owner of your property, rather than you as an individual. You have full power over it during your lifetime, and at your death, your Successor Trustee controls the trust. The Trustee distributes your property according to your wishes stated in the trust, without going through the probate court. There is also a deed to transfer your house and other real property to the name of the trust.
2) A pourover will – The will serves as a backup document for property or accounts that didn’t get titled to the trust. In it you can also state your wishes regarding cremation or burial, and you can nominate a guardian if you have minor children.
3) Power of Attorney for finances – The Power of Attorney gives your agent the power to manage your finances if you become incapacitated.
4) Advance Health Care Directive – In the health care directive you specify who would make medical decisions if you’re are not able to do so. You can also include other preferences, such as to what extent you would want life support if you were in a coma or otherwise unable to communicate.
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