5 Essential Estate Planning Documents Everyone Needs
There are five essential documents you need to have in place to ensure that your family and assets are taken care of if you become incapacitated or when you pass. They are the means to making your intentions clear and to ease the process of how your family will receive your assets. By having these five documents in place, you will have peace of mind knowing you’ve taken the right steps to plan for tomorrow.
A last Will and Testament is probably the first thing that comes to mind when you start thinking about estate planning. This is the document that describes who you want to give your assets to when you pass and helps ensure that your assets are distributed correctly when the time comes. One thing to note is that a will is public information that is filed at the County Clerk’s office and does not avoid Probate!
A Trust is more than just a document. It is a legal entity created to hold assets on behalf of those who you want to have your assets, also called beneficiaries. Think of it as your Treasure Chest. You decide how and when beneficiaries receive the assets. Trusts are private documents that protect your assets from creditors, irresponsible and unworthy relatives and costly probate!
A Power of Attorney allows you to designate a person or institution to manage your property, finances, investments or medical care if you are unable to do so yourself. Due to the great responsibility that comes with being a POA, only appoint someone you really trust and make sure they know your wishes and preferences. Beware of people who appear very interested in handling your finances and want to be your new “best friend.”
A Health Care Directive is a written statement that provides instructions regarding your medical wishes and decisions. In addition, you’ll want to include HIPAA authorization. HIPAA is a federal law that protects the privacy of all your medical information and allows doctors to share your medical information only with those you designate.
A Guardianship Nomination is a legal document that determines who you designate to raise your children if the unthinkable should happen to you. In the absence of this document, a judge could appoint someone you never intended to raise of your children or manage their inheritance.
Want to learn more? Visit our website at www.thesotoloawgroup.com or call to setup a consultation at 888-735-7686
Made with FlippingBook Ebook Creator