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Estate Planning
Estate planning is a process to consider alternatives for, to think through, and to establish legally effective arrangements that would meet your specific wishes if something happens to you or those you care about. Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed through.
On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or deceased.
On the personal side, a good estate plan includes directions to carry out your wishes regarding health care matters, so that should you ever be unable to express your wishes yourself, someone you select would do that for you. Said person would also know when to you would want heroic measures taken or if you would prefer not to have such measures taken.
Several of the following documents are typically used as part of the estate planning process:
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A Will (also known as a Last Will and Testament) is a document used to transfer property held in your name to the person(s) and/or organization(s) you wish to leave it to. A Will also typically names someone you select to be your Personal Representative (or Executor) who will carry out your instructions. Your will can also name a Guardian if you have minor children. A Will only becomes effective upon your death and after it is admitted to probate.
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A Durable Power of Attorney for Health Care appoints a person you designate to make decisions regarding your health care treatment in the event that you are unable to provide informed consent.
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A Living Will or Directive to Physicians is an advance directive that gives doctors and hospitals your instructions regarding the nature and extent of the care you want should you suffer permanent incapacity, such as an irreversible coma.
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A Durable Power of Attorney for Property appoints a person you designate to act for you and handle financial matters should you be unable or perhaps unavailable to do so.
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A Living Trust can be used to hold legal title to and provide a mechanism to manage your property. You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor Trustees to take over should you be unable to. Unlike a Will, a Trust usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death. Most Trusts are revocable which allows the person who creates the Trust to make future changes, modifications and even to terminate it. (If the Trust is irrevocable, changes, modifications and termination are very difficult (and sometime impossible), although such Trusts often carry some tax benefits.) Trusts also help you avoid or minimize the expenses, delays and publicity of probate.
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by Lahn & Associates, PLLC . All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.
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