What does an estate plan do?
A good trust is simply a plan. It is a plan for what happens to your things, assets and people you love most.
If you were around you make those decisions each day. If you are gone, who will make those decisions about whether you sell a home, make an investment, or put your child in a school.
A Trust describes in detail those decisions and binds them legally to happen.
When you have an estate plan, you decide who will take care of your minor children, how your assets will be managed and distributed, and who will be responsible for ensuring your wishes are followed in the event of your incapacitation or death.
An effective estate plan also avoids the cost and hassle of court supervision of the administration and distribution or your assets.
What Documents are included in an estate plan?
A ‘trust-based’ estate plan includes:
- a living trust,
- a will,
- a general power of attorney,
- a medical power of attorney,
- a medical directive
A “will” includes:
- A Will,
- a general power of attorney,
- a medical power of attorney,
- a medical directive
