Estate Planning
Estate Planning is more than a set of papers that you put on your shelf. It is a road map of what happens after you pass away. It determines who gets what, how, and when. These are really critical issues that an on-line do it yourself kit is not going to offer you options that you had not even considered and walk you through a Design phase so that your plan matches your goals.
An Estate Plan consists of a Power of Attorney, Healthcare Agent, Living Will, Will, and a Trust. These are all critical documents for you and your family.
Power of Attorney enables the named individual to step into the financial shoes of the individual. This includes the banks, financial institutions, the IRS, Social Security, etc. Anything your financial life touches. A Healthcare Agent enables the named person to make healthcare decisions for you if you are unable. The Living Will is if you would like to remain on life support. The Will, often misunderstood, does NOT avoid PROBATE. A Will only tells the judge who gets what. Your family will still need to go through Probate. Finally, the Trust is the heart of the Estate Plan. It avoids Probate, while signifying who gets what, but more importantly when!! A trust could have distributions when your children reach a certain age or accomplish certain milestones.