Estate Planning 101
The Estate Planning Process
A will is a written document that goes into effect when you die. It nominates a person to handle your affairs and it directs who should receive your property. Beyond property considerations, a will gives you the opportunity to appoint who you want to care for your minor children in the event of your untimely death.
A revokable living trust, like a will, is a written document that nominates a person to handle your affairs and directs who should receive your property. A trust, however, is effective immediately; it doesn't wait for death. It is effective during your lifetime, during any period of disability, and after death. When properly funded, a trust also avoids court and keeps your affairs private.
Financial Power of Attorney
A Financial Power of Attorney (FPA) allows you to select a trusted family member or friend who will be responsible for your finances in the event you fall ill or become injured and are unable to handle them yourself. A financial power of attorney makes sure your bills get paid and assets are managed according to your wishes, even if you are only temporarily incapacitated.
Health Care Power of Attorney
A Health Care Power of Attorney allows you to select a trusted family member or friend to oversee your medical care and make medical decisions on your behalf if you are too ill to communicate your wishes. The Health Care Power of Attorney is usually accompanied by an Advanced Health Care Directive.
Advanced Health Care Directive
Also known as a living will, the Advanced Health Care Directive allows you to communicate to your loved ones and medical providers your exact wishes regarding your end-of-life care if you are in a persistent vegetative state or have a terminal condition. It is usually accompanied by the Health Care Power of Attorney.
Family Protection Planning
Firearm Protection Planning