Common Estate Planning Documents
A lot of documents make up an estate plan, and different people have different needs! This being said, some of the most common estate plans are:
● Financial Power of Attorney
● Durable Power of Attorney
● Advanced Healthcare Directive
● HIPAA Authorization
Difference Between an Estate Plan and a Will
A will is a great place to start on your estate plan; however, a will itself is just a small part of estate planning and isn’t sufficient enough on its own. A will details what happens to your assets after you die, whereas an estate plan includes plans for after your death as well as during your lifetime.
Start with a Will
A will is the easiest place to start when beginning the estate planning process. Consult with an experienced estate planning lawyer, and have them draft up a written plan for you. Each state has its own set of rules and regulations you must comply with within your will. You can feel confident that your lawyer will ensure your will complies with the state guidelines.
Trusts are not just for the Wealthy
You might think of trusts as something wealthy families use to pass their riches to their children and loved ones. In reality, trusts make it easier to transfer assets after your death. Trusts play a role in reducing probate and taxes.
Importance of Working with an Attorney
Attorneys know the ins and outs of estate planning. They’ve worked with hundreds of clients to plan out individualized plans to satisfy specific needs. Estate planning can be overwhelming, but an attorney can simplify it to make it a smooth and easy process for you.