Estate planning provides a "plan of action" for avoiding probate court if a family member
becomes incapacitated to distributing assets after the death of a family member.
This is done by preparing documents that give legal authority to trusted individuals that you choose in order to carry out your wishes. Estate planning is different and unique to each family because each family is unique and has it's own set of issues and goals.
Common documents include:
Trust/Pour Over Will
The trust distributes you (or you and your spouse's) assets at death, This is done without any court intervention - no Probate! A pour-over Will is in place as a safety net, in case any assets are not funded to your trust. It's important to work with an experienced Attorney that can effectively put this document in place!
Durable Power of Attorney
This document determines who will take over all of your financial matters if you become incapacitated, either for a long or short term. It becomes effective only upon a doctor's determination that you are unable to handle your financial affairs. You choose the individual (or individuals) who will be in charge!
Designataion of Patient Advocate
This document determines who will make medical decisions for you if you are too sick to do this yourself. The document also outlines specific care that you may or may not want, including end of life decisions. You choose the individual (or individuals) who will be in charge!
A consultation with an attorney is the first step in planning your estate. Often the attorney can bring legal issues to the surface which the family is unaware of and which can be solved without court intervention.
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