Estate Plans Are More Than A Will Or Trust
When you think of an estate plan, the first thing that usually comes to mind is a will or a trust. However, many other documents can and should be included. Your estate plan should reflect the assets you own, what you want to do with them and which beneficiaries you choose.
A variety of documents can be included in an estate plan to ensure that your final wishes are communicated and implemented. It is also important to include a list of other documents that your family or loved ones may need, such as real estate deeds, retirement accounts and birth certificates.
Attorney Bill Peterson has decades of experience helping clients with their estate plans and can help you gather the necessary information and prepare the documents to include them in your estate plan.
A Way To Communicate With Your Loved Ones
While everyone has a different situation, and every estate plan is unique to the individual, there are certain documents that can make your plan even more secure. Aside from a last will and testament, estate plans can also include an advance health care directive, power of attorney and letters of instruction.
Advance Health Care Directive
An advance health care directive is important to have if you become incapacitated and cannot make your own medical decisions. The health care directive outlines your instructions about your medical care. In it, you can name a health care agent and provide specific instructions about end-of-life care and life support options.
Durable Power Of Attorney
If you are incapacitated or unable to make decisions for yourself, appointing a durable power of attorney would allow a person of your choosing to make those decisions on your behalf. The person you appoint will have the authority to pay your bills, maintain your mortgage, sell real estate and oversee your investments. If you do not select a durable power of attorney, the court may step in and appoint someone on your behalf.
Beneficiary designations ensure that the people of your choosing inherit account balances, life insurance payouts and other assets. This document is especially important to have if you have multiple beneficiaries.
Letter Of Instruction
In a letter of instruction, you can express your wishes about your funeral arrangements, medical care and distribution of assets and property. A letter of instruction is not legally binding but is a great way to send messages to your loved ones about your wishes.
Creating Comprehensive Estate Plans
Much more goes into an estate plan than people may think. Our team helps clients gather documents into a comprehensive estate plan that protects their future and suits their needs. Contact Peterson Law Office, LLC, at 952-679-1266 or online to schedule a consultation.