A Comprehensive Estate Plan Includes:
- A Living Trust
- An Advance Health Care Directive (Living Will)
- A Durable Power of Attorney
A comprehensive estate plan is more than merely preparing a will. A valid will ensures that your estate passes according to your instruction through the probate process. But the reality is that probate is complicated, involves the courts, and is both lengthy and expensive. Comprehensive estate planning is much more than a will.
Note: without a will (and without any estate planning) your estate passes according to state law through the probate process.
A Living Trust:
In conjunction with a will, outlines the legal agreement in which you (the initial trustee) continues to own and control your property. Property that is ultimately transferred to the beneficiaries.
An Advance Health Care Directive
Often called a Living Will, appoints the person of your choice to direct your medical care (under a power of attorney) and as outlined by specific instruction related to any potential health care decisions that may become necessary.
A Durable Power of Attorney:
Appoints the person of your choice authority over your assets and financial accounts in the event that you are unable to make financial decisions for yourself.
The best way to avoid the probate process is to have a living trust in place long before you expect to need it.
A Comprehensive Plan provides for your needs & eliminates the requirement of probate for your loved ones.
Book a consultation to talk about comprehensive estate planning for you and your family.
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