Estate planning is something that everyone needs to do, but that many people have not yet done. In fact a recent Yahoo article addressed the fact that while 56% of people think it is important to have an estate plan, just a third have actually created one.
The Yahoo article included a video in which the President and Advisor of Yeomans Consulting Group outlined three critical estate planning documents that everyone needs to have in place prior to retiring. Here is what those three documents are, along with some tips on why they are so essential for everyone to have.
Will
The first critical document everyone needs is a last will and testament. A will allows you to specify what happens to your property so default rules do not dictate where your hard-earned money or property goes. A will can also be used to accomplish other really important things as well, like naming a guardian for your children. It provides instructions on who should oversee the probate process too.
Wills are one of the easier estate planning documents to make, but there are some limits to them. When you leave someone assets in a will, you do not have much control over what the person who inherits does with the money or the property. Any assets you leave behind in a will are also going to be transferred through the probate process which can be time consuming and more public than some people would like.
So, while the consulting group president is right that having a will is important, you may not want to stop there — and you may not want to dispose of as much of your property as you’d think in your will. You should seriously consider creating a trust that gives you much more control and allows assets to pass through the trust administration process instead of through probate.
If you create a trust, you can still make a will too, and use the will to transfer any property the trust doesn’t. However, you will get to make your estate plan a lot more customized through trust creation.
Durable Power of Attorney
According to the Yahoo article, the next critical document to have is a durable power of attorney. A power of attorney allows you to transfer authority to someone else. You can give someone limited authority to make decisions on your behalf, but if you are using the document for estate planning, you will most likely want to create a general power of attorney to give someone the authority to act for you in all of your affairs.
Making a power of attorney transfers authority while you are still of sound mind, but if you make it durable then the transfer of authority remains in effect even if you become incapacitated. This is why it is important to make a durable power of attorney if this is one of your estate planning tools. That way, if something happens to you, the person you have chosen can take over for you in managing assets and making decisions on your behalf.
A durable power of attorney is really important for everyone, but it may be just one of several estate planning tools you should use to prepare for incapacity. You may also want to make a living trust and name a backup trustee who can take over for you in the management of trust assets if necessary. Creating a Medicaid plan will also enable you to ensure that you can afford nursing home care if you become unable to care for yourself due to an incapacitating injury or illness.
Again, this means that Yahoo is right about a durable power of attorney, but your needs may go well beyond just this simple document alone.
Advanced Directive for Healthcare
Finally, the last critical document recommended in Yahoo’s video is an advanced directive for healthcare. Also known as a living will, an advance directive allows you to provide your instructions in advance for the kinds of medical care that you are going to accept versus the care that you want to turn down.
There may come a time when you are unable to speak for yourself or make your own decisions, and tough choices may have to be made about the medical care available to you. For example, doctors might have to decide if they are going to hook you up to a ventilator or perform CPR or provide artificial nutrition if you are unable to consume food on your own.
In this situation, your advanced directive can make your preferences known in advance. You can offer detailed instructions on the kinds of medical interventions you want to undergo and on the circumstances when you wish to accept or decline care. This ensures that you do not get treatments you wouldn’t want based on your quality of life and it also ensures that your family isn’t forced to make these kinds of difficult decisions without your guidance.
Make sure you have the right estate planning documents in place
As you can see, estate planning may be more complicated than you would think. While you should start with the basics and make certain you have those documents taken care of, many people want to go well beyond just a few simple tools in order to get the best protection for themselves and their loved ones.
If you want to make a comprehensive estate plan that helps you secure your future and build your legacy, The Edwards Law Firm is here to hlep. Give us a call today to talk with an estate planning lawyer who can help you. We service all of northeast Florida with offices in Jacksonville and St. Augustine. You can reach us at 904.672.7600 or contact us online to get personalized advice about making a comprehensive estate plan that meets your needs.
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