Wills and Trusts
Plan for the Expected and Unexpected Events in your Life
Wills and trusts estate planning is necessary for everyone. However, the tools used to plan for your estate should be unique to your situation. It is a common myth that an estate plan only designates persons who are to receive your property upon your death. A comprehensive estate plan allows you to delegate your personal rights (financial and/or medical) to others while you are alive and after you have passed. It ensures that your assets are managed and distributed according to your wishes along with protections for your assets and corresponding beneficiaries. An estate plan may consist of a Living Trust, Testamentary Trust, Irrevocable Trust, Pour-Over Will, Last Will and Testament, Living Will, Funeral Instructions, Burial Instructions, Financial and Medical Powers of Attorney, Non-Probate Transfers, Payable on Death Designations, Deeds, and other governing instruments. Some estates may need simple beneficiary designations, while others may require a trust.
While at first glance, you may think that most of the aforementioned documents do not apply to your estate, but that may not be true. An estate plan is planning for the expected and unexpected events in your life. The hope is that some documents will never need to be used, but if a situation arises, you are prepared. Remember, the time when your delegation of authority is needed the most, it is usually too late.