Estate planning can feel stressful, but knowing about the process before heading into it can be a big help. Read on for an overview of some of the documents you may want to consider creating.
A will is an important part of any estate plan. In fact, a will is one of the most important documents you can create. It allows you to divide your assets amongst your loved ones so that your wishes are followed and your friends and family are cared for in the event of your passing. If you were to pass away without a will, your assets would be divided by a judge. This would inevitably cause your loved ones a lot of undue stress during a difficult time. Some people believe that you only need to create a will if you have children, or if you have a certain amount of money. This is not the case. If you are over 18 and you own any property or assets, you will want to create a will. But, you should know that a will is only part of a complete estate plan.
A trust is a legal means of managing certain assets. Trusts can be used in a variety of situations. For the most part, trusts fall into two categories:
- Revocable Living Trusts- A revocable living trust is established during your lifetime, allowing you to manage it and make changes to it.
- Irrevocable Trusts- An irrevocable trust can only be modified or terminated with permission from the beneficiary. The trustor loses all ownership rights to the assets once they have been placed into the trust.
A Power of Attorney
A power of attorney is a document that allows you to put someone you trust in charge of your finances and other important matters in the event that you become incapacitated or you are no longer of sound mind.
An Advance Healthcare Directive
We all have different views and opinions when it comes to our end-of-life care. An advance healthcare directive allows you to declare these wishes. You can also appoint a loved one to make these decisions for you in the event that you are unable.
If you are ready to begin the estate planning process, contact our firm today to speak with an experienced attorney.
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