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Estate Planning
We can help you achieve your estate planning goals through various documents mentioned in this worksheet. Together, we can work together to create the ideal plan and corresponding documents for your situation.
Attached is a simple worksheet to get you started in thinking about exactly what you might want. The worksheet also provides us with a little information about your situation. The information requested is completely confidential and will be used only to assist our office in advising you in your estate plan. You are not expected to have all of these decisions made before your first appointment.
Lifetime Documents
General Durable Power of Attorney – appoints a person to be able to sign for you and handle your financial affairs. This document can be made effective at all times or only when you are incapacitated.
Health Care Power of Attorney – appoints a person to make decisions for you about your health care when you cannot make them for yourself.
End of Life Documents & Terms
Living Will – designates if you would like to have the life support machines and feeding tubes removed when you are dying or brain dead.
Will (Last Will & Testament) – designates how you desire to pass your property when you pass away. It becomes effective upon your death.
Probate – The Estate Administration Process
Non-Probate – Trusts, Life Insurance, Retirement Accounts, Annuities, and other Beneficiary Driven documents, as well as assets jointly titled with a right of survivorship
Trusts
Testamentary Trust – established through a person’s will, to create a trust for another person; does not avoid probate; occurs after death
Living Trust – established during a person’s lifetime, usually amendable; an alternative to a Will, with additional options and benefits; avoids the probate process
Possible Methods for Passing Property |
||||
|---|---|---|---|---|
| Right of Survivorship | Simple Will | Will with Testamentary Trust | Living Trust | |
| Avoid Probate at 1st Spouse Death | Yes | -- | -- | Yes |
| Avoid Probate at 2nd Spouse’s Death | -- | -- | -- | Yes |
| Avoid Guardianship | -- | -- | -- | Yes |
| Estate Tax Planning | -- | -- | Yes | Yes |
| Privacy of Estate Settlement | -- | -- | -- | Yes |
| Trusts to Hold & Manage Gifts | -- | -- | Yes | Yes |