What is Estate Planning?
Estate planning typically involves leaving detailed instructions about what to do with assets, children and healthcare when one dies. Estate planning may help an individual control the distribution of their assets, preserve their estate, plan for disability, save tax money and/or legal fees.
Essential Aspects of Estate Planning
There are typically four essential documents used to complete estate planning. These documents often include:
- Will – A will may be used to decide beneficiaries, administration, and guardians for minors. Without a will, an individual may lose his or her control over their estate.
- Living Will – A living will is typically used to make known a person’s wishes for his or her life prolonging medical treatments. It may also be used as an advance directive, healthcare directive or a physician’s directive.
- Durable Power of Attorney – A durable power of attorney typically allows an individual to choose someone to act in their place if he or she becomes incapacitated or unable to handle matter on their own. Without a durable power of attorney, a court may appoint a guardian, control assets, and increase costs.
- Healthcare Surrogate – When an individual designates a healthcare surrogate, he or she grants an individual the right to make healthcare decisions, consult with healthcare providers, provide consent for treatment, access medical records, and apply for government benefits.
Estate Planning and Financial Planning
Every estate plan includes financial planning to make the best decisions on how to build one’s estate. Financial planning typically addresses issues including amount of money needed to retire, what to do with money if incapacitated, and how to leave money to beneficiaries.
To attain all of your financial estate planning goals, we can refer you to professional financial planners to help you with your financial planning.
Professional Help With Estate Planning
If you need professional help with estate planning, contact the People’s Choice Law Group today. We offer free case evaluations to determine how we may best help you with your estate planning needs.