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The key documents to an Estate Plan
SUMMARY
An Estate plan consists of numerous documents. The typical estate plan consists of the following documents. A Trust is a document that leaves instructions for how your property will be handled after death, outside of Probate, meaning that the property will be handled and transferred privately by a person called a Trustee without Court intervention. A Will is a document that leaves instructions for how your property will be handled after death, but how Probate, a judicial procedure must oversee the handling and transfer of property. The will can also instruct who will be the guardian of your minor child or children if both legal guardians pass away. Most estate plans attempt to minimize Probate, because it is expensive and time consuming, but, still create a will to address any property that for whatever reason is not successfully transferred by the Trust. A Financial Power of Attorney allows a third person to make financial decisions for you, including paying bills. If that Financial Power of Attorney is “Springing,” the third person can only make financial decisions or pay your bills upon the occurrence of certain events, like you become incapacitated by a coma. This is called a Springing Financial Power of Attorney. An Advanced Healthcare Directive provides instructions as to critical medical decisions in the event you are unable to make those decisions. For example, in the tragic circumstances that you need artificial breathing, do you want to be kept alive through that artificial breathing, or not? The Advance Healthcare Directive also instructs how to dispose of your body. Details follow
TRUST.
A Trust is a document that leaves instructions for how your property will be handled after death, outside of Probate, meaning that the property will be handled and transferred privately by a person called a Trustee without Court intervention.
WILL.
A Will is a document that leaves instructions for how your property will be handled after death, but how Probate, a judicial procedure must oversee the handling and transfer of property. The will can also instruct who will be the guardian of your minor child or children if both legal guardians pass away. Most estate plans attempt to minimize Probate, because it is expensive and time consuming, but, still create a will to address any property that for whatever reason is not successfully transferred by the Trust.
[SPRINGING] FINANCIAL POWER OF ATTORNEY.
A Financial Power of Attorney allows a third person to make financial decisions for you, including paying bills. If that Financial Power of Attorney is “Springing,” the third person can only make financial decisions or pay your bills upon the occurrence of certain events, like you become incapacitated by a coma. This is called a Springing Financial Power of Attorney. The term “springing,” means it springs into effectiveness when certain events happen.
ADVANCED HEALTHCARE DIRECTIVE.
An Advanced Healthcare Directive provides instructions as to critical medical decisions in the event you are unable to make those decisions. For example, in the tragic circumstances that you need artificial breathing, do you want to be kept alive through that artificial breathing, or not? The Advance Healthcare Directive also instructs how to dispose of your body.
OTHER KEY DOCUMENTS
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