Estate Planning
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WILL
A will tells the world exactly where you want your assets distributed when you die. It’s also the best place to name guardians for your children. Dying without a will – also known as dying “intestate” – can be costly to your heirs and leaves you no say over who gets your assets. Even if you have a trust, you still need a will to take care of any holding outside of that trust when you die.
- Trust
Trusts aren’t just for the wealthy. Trusts are legal mechanisms that let you put conditions on how and when your assets will be
distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay and publicity of probate court, which administers wills. Some also offer greater protection of your assets from creditors and lawsuits.
- Power of Attorney
No one is immune from aging or the loss of mental clarity that may come with it. And you’re never immune to health crises that may leave you unable to handle the business of your life: paying bills, managing investments or making key financial decisions. Granting someone you trust the power of attorney allows that person – known as your “agent” or “attorney in fact” – to manage your financial affairs if you are unable to do so.
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Living Will / Health-care proxy
A living will (also known as an advance medical directive) is a statement of your wishes for the kind of life-sustaining medical intervention you want, or don’t want, in the event that you become terminally ill and unable to communicate.
- Account Registration
You should properly register all of your accounts by listing the correct individual as the owner of each account. If you have a living trust, you should register the accounts into the name of the trust.
- Beneficiary Designation
Assets that designate a beneficiary, such as life insurance policies or retirement accounts, will pass automatically upon your death to the designated beneficiary, regardless of your will or living trust. As a result, take time to review these designations to make sure they are consistent with the intent of your estate plan.