For more information: Call: 888-735-7686 | www.TheSotoLawGroup.com | DeDe@thesotolawgroup.com For more information: Call: 888-735-7686 | www.TheSotoLawGroup.com | DeDe@thesotolawgroup.com
DO YOU HAVE THE FIVE KEY ESTATE PLANNING DOCUMENTS? A will is simply a set of instructions on how to distribute your assets to loved ones and charities upon your death. Be aware, however, that a Will alone does not cover any specific beneficiary designations you have made on investment and retirement accounts. So, for example, if you IRA account has your son Jimmy as the beneficiary, but your Will has your daughter Suzie, receiving the account assets, Jimmy will get the assets. However, this will not avoid the costs and delays of probate. 1. WILL If your children are minor, you’ve probably thought about who would raise them, if for some reason you or another parent couldn’t. It’s not an easy thing to consider, but with a simple arrangement of a guardian in your will and on a separate document (easily accessible) you can have peace of mind, in the extremely unlikely event you can’t raise your children, they will be well cared for by the people you trust(see website for more information regarding Guardianship under Protection for your Children). 2. GUARDIANSHIP
3. REVOCABLE LIVING TRUST (EVEN IF YOU ARE INCAPACITATED)
This document provides for management of financial affairs during your lifetime (even if you incapacitated), upon your death and for future generations. This trust helps your estate avoid probate, lessening the risk of personal information becoming public record and all the fees associated with probate.
You name another person to act on your behalf, with limited or broad powers, as you see fit. Choose carefully because, in general, this person can buy and sell your assets. A “durable” power lets someone act on your behalf if you are disabled and terminates on your death. 4. DURABLE POWER OF ATTORNEY
These documents authorize a person you designate to make medical decisions on your behalf if you become incapacitated, providing a path to avoid family conflicts and possible court interventions. Your Directive will lay out your wishes regarding the use of life-sustaining measures in the event of terminal illness or if you are unable to make your own medical decisions. It’s best used in tandem with your health care power of attorney and a HIPPA release. 5. HEALTH CARE POWER OF ATTORNEY/HEALTH CARE DIRECTIVE/ HIPPA
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