Estate Planning

Did you know that fewer than half of Americans have an estate plan in place?

Helping your estate plan stand the test of time.

Even when families have completed estate planning documents they often overlook mistakes or fail to properly fund or update their plan properly as time goes on. Given how important proper estate planning can be for a family, it is critical to make sure you have the right documents in place to protect against unforeseen emergencies. Here is some information that might be helpful as you plan to protect your estate and your loved ones:

Durable financial power of attorney.

If you are alive but incapacitated and unable to manage your affairs a durable financial power of attorney can empower someone you trust to manage assets and property including day-to-day needs for you. Without it, banks and other institutions are unlikely to allow anyone but the owner to access funds or make decisions until a court order names a conservator over your affairs.

Living wills, medical Power of attorney, and health care directives.

Health care and medical decisions similarly require written authorization for someone to make decisions on your behalf or receive protected personal health care information. The proper documents can nominate someone to manage your medical decisions if you are unable to do for yourself, make certain medical decisions in advance of needing life-sustaining care, and or allow loved ones to receive medical information and have hospital visits without needing third-party permission. Insurance solutions can specifically address the need to pay for long-term care costs. When done properly, these documents also can avoid the need for a court-ordered guardian in the case of incapacity.

Last will and testament.

Upon death, someone will need to be authorized to manage the assets of your estate and distribute property to your heirs. If you have minor children someone will need to be appointed as guardian for your minor children as well. A last will and testament allows you to designate who you want to fill those roles so that a probate court can appoint them.

Revocable living trust.

A revocable Living Trust can allow you to transfer assets at death without the need for court processes by leaving a trustee in charge of managing your estate in your absence. In order to do so, it needs to be properly structured and hold title or beneficial interest to all of your assets. It can also provide your estate with significantly more privacy than a probate process.

Irrevocable trust planning.

When more advanced planning for tax purposes, benefit qualification, or asset protection is needed, Irrevocable trusts can provide tremendous value. Irrevocable trusts can be complex and once established are not easily changed. Therefore, if you might have a need for irrevocable trust planning it is important to consult with experienced legal counsel to discuss your options.

For more information about your estate planning insurance needs, contact us to learn more and to get started.