What Makes a Complete Estate Plan?
There are many people who mistakenly believe that an estate plan revolves around simply having a Last Will & Testament. The reality is that there are several factors that need to be considered when it comes to having an estate plan. This is just one of the reasons why it’s essential that you collaborate with an experienced estate planning attorney who can help to guide you through the process of putting together a complete estate plan which will provide you with a piece of mind of knowing that your assets and certain health care decisions will be seen to if you’re unable to make certain decisions due to incapacity of due to death.
Documents Associated with a Complete Estate Plan
There are many different documents that help to make up a complete estate plan. Some examples include:
- Last Will and Testament
A Last Will & Testament is a document that dictates where you would like your assets to go after you pass away. There are some people who leave these items to family while there are others that may want to leave things behind to charity or even friends. Within a Last Will & Testament, you will also name an Executor to oversee the distribution of these assets. To ensure that there isn’t any fighting between the beneficiaries, it’s critical that you not take putting together your Will on your own and receive guidance from estate planning attorneys.
- Medical Power of Attorney
If you become incapacitated due to illness, it’s critical that you have a medical power of attorney in place. Also commonly known as a healthcare power of attorney, this document names an individual to make medical decisions for you if you’re unable to do so. This is a document that should be kept in a place where it is easy to find so that it can be utilized at any time.
- Durable Power of Attorney
A durable power of attorney is another document that should always be part of your estate plan due to the fact that it allows you to name an individual to oversee your financial needs in the event that you are unable or unavailable to make these important decisions. You can adjust this document to have very specific provisions regarding these powers so that you feel comfortable with taking this step as part of your estate plan.
- Living Will
A living will is an important document which indicates whether or not you would like to receive certain medical treatment in a potential “end of life” situation. Although you can rest assured that you will always be cared for by a doctor, there are many people who do not want “extraordinary means” used if they are facing an end of life potential.
Depending on your financial standings, it’s possible that your estate plan could benefit from a trust. Our estate planning attorneys will take the time to review your assets to determine whether or not a revocable trust or an irrevocable trust would be a better option for you and walk you through the guidelines of funding that trust.
Let Us Help You To Put Together a Complete Estate Plan
Regardless of whether this is your first time putting together an estate plan or you feel as though it’s time for you to update your estate plan, you can take comfort in the fact that our team will provide you with the tools, resources and support that you need to put together a comprehensive estate plan which will see to your wishes. Get in touch with us today and learn more about your estate planning options. Call Linda Solash-Reed, P.L. at 321-804-2915 or fill out our contact form and we will be in touch to schedule a meeting.