Make it stand out.
Documents Involved in an Estate Plan
Welcome to the essential guide to estate planning, where we outline the key documents we’ll use to craft the plan that is best for you and your family so we can ensure your assets are managed properly and your wishes are respected.
Will (Last Will and Testament): This document outlines how you would like your assets distributed after your passing. It designates an executor—an individual (or institution) responsible for carrying out your wishes. If you have assets in a trust or designated to transfer upon death, those will bypass probate and won’t be governed by your will.
Trust: A trust is a legal arrangement that allows a trustee to manage your assets for the benefit of your chosen beneficiaries. You can fund a trust during your lifetime or after your passing. Depending on its structure, a trust can provide immediate distributions to beneficiaries or protect assets longer, while still allowing for access when needed. Trusts offer significant flexibility and can aid in tax planning, making them valuable tools in estate planning.
Durable Power of Attorney: This document grants a trusted individual the authority to make financial and legal decisions for you if you become incapacitated. The “durable” nature of this document means that the document remains in effect even if you become incapactitated, which can help avoid the need for court intervention.
Healthcare Power of Attorney: A healthcare power of attorney allows you to appoint someone to make medical decisions on your behalf if you cannot do so. This ensures that your healthcare preferences are honored, providing peace of mind for you and your loved ones.
Living Will: A living will communicates your preferences regarding life-sustaining medical treatments if you are permanently unconscious or terminally ill. While some choose not to create a living will and prefer to leave such decisions to their healthcare agent, it can serve as an important guide in honoring your wishes during critical times.