An Estate Plan includes legal documents that help care for your property in your life and even after your death. Even though many people think their work is complete once they set up an Estate Plan, this could not be further from the truth. Once your Estate Plan is set in place, you need to review it often to ensure it still includes everything you want.
Here are the most important documents when Estate Planning:
- Will. The Will may be the first thing you think about when creating an Estate Plan. This document outlines your desires for who will take what assets after your passing.
- Trust. A trust designates how your beneficiary (or beneficiaries) should handle your assets once they receive them through your will.
- Power of Attorney. If you were to become incapacitated, a power of attorney grants someone permission to make decisions on your behalf.
- Health Care Directives. While decisions about your health are handled by a person with medical power of attorney, you can set certain health care directives that act as a “medical will” if you are incapacitated.
- Beneficiary Designations. These designations are typically outlined in life insurance policies and on retirement accounts, and designate who receives funds and payouts in the event of your passing.
At Legacy Counsel, we design everything according to our client’s needs because we know that a document that “has it all” is not enough. So, schedule a Legacy Session with us if you want to start your Estate Plan journey.
