Estate Planning is for everyone and is so much more than wills. Preparing your estate plan allows you to decide how you want to live now and whom you would like to benefit later.Most estate plans include a power of attorney, health care directives and perhaps a trust which you can use immediately as well as a will for later.
Durable Power of Attorney
This is a document in which the Principal appoints an agent, to act on behalf of the Principal. These are effective in planning for some time when you may be unable to manage your affairs and want to appoint someone whom you trust to act on your behalf. It is a powerful document but it is also extremely helpful if and when you need a trusted agent to manage especially your financial matters
Health Care Directives
These are your instructions to medical providers regarding whom you want to speak for you if you cannot provide informed consent for your own medical treatment. They allow your agent to assist in medical decision making if you are seriously ill, injured, in the late stages of a life limiting illness or at the end of life. Planning ahead allows your voice to be heard when you cannot speak for yourself.
In this document you tell your loved ones and medical providers the extent of interventions you do or do not want at the end of life. It provides the opportunity to articulate your values, your spiritual beliefs and philosophy about the end of life and in this way provide comfort and guidance to your loved ones.
Allow a third party to hold assets for the benefit of a beneficiary. There are many types of trust and each have a unique purpose and benefit. Not everyone needs a trust however they can be useful for the management and control of assets during life and also provide some safeguards especially for beneficiaries who are still children or need someone to manage their assets.
This allows you to tell your loved ones how you want your property distributed after you die and also to appoint the person you want to manage your estate and "tie up the loose ends". Your will can be prepared to assure a spouse or person with special needs who receives on public benefits continues to receive those benefits. You can also identify charities or others you want to remember.e resources needed to reach those goals.