What Are The Key Components Of A Successful Estate Plan?
One of the main goals of estate planning is avoiding probate. In order to do so, we create a pour over will. It takes whatever remaining assets you don’t have listed in your estate plan and it pours them over into a trust. For example, you go and buy a winning lottery ticket but you die before you can redeem it. If you have a pour over will, it pours over any assets that you did not list in your in your estate plan, avoiding the probate process.
Other important estate planning documents include powers of attorney. A power of attorney is a document that you create during your lifetime in order to give someone the authority to act on your behalf in a benefit capacity. It can also be set up as a springing power of attorney. This way, it only kicks in if you become incapacitated. The next document we recommend is called a healthcare directive, also known as a living will. A living will is basically a directive to the doctor with your wishes pertaining to a situation where your death is imminent.
There is a separate power of attorney for healthcare, which allows you to name a person to make medical decisions for you, if you cannot make them on your own. We also use what is called a death directive. People want to be buried in certain places and want a certain funeral situation. They want to be cremated or buried with specific items. A death directive instructs the surviving people on the dead person’s wishes. This avoids a lot of a lot of argument amongst families. The most liberating and useful estate planning tool is called a living trust, where all your assets can go to avoid probate.
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Your living trust can really function for you to avoid those things that steal your wealth, such as probate court. The living trust is managed by you or by another trustee that you want to put in place. Your trust can be used to protect your children or to care for your pets. Instead of going to a shelter to be euthanized after you die, your pets can be taken care of. A trust offers a lot of functionality that people don’t think about in terms of life.
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