A Comprehensive Estate Planning Package
A comprehensive estate plan typically includes powers of attorney, a trust, and a will. This type of estate planning covers a wide variety of circumstances and provides the most peace of mind and protection for the estate.
Talk to an estate planning attorney to confirm this is the right choice for you.
A Will
You may be looking for a will. A will is the most common estate planning document. It states how assets should be distributed upon someone’s death. This is the most common document people think of when they think about estate planning.
A will is important, but make sure you talk to an estate planning attorney to ensure it covers everything you need. Many people also pair it with powers of attorney or a trust to cover different circumstances.
Talk to an estate planning attorney for free to confirm this is the right choice for you.
A Power of Attorney
A Power of Attorney enables someone you trust to act on your behalf if you are unable to do so. They are only in effect while you are living, and do not affect the distribution of your assets. It’s commonly paired with other legal documents outlining your medical and end-of-life care preferences. It is also often paired with a will or trust to cover asset distribution upon a person’s death.
Talk to an estate planning attorney to confirm this is the right choice for you.
A Will and Power of Attorney
A Power of Attorney enables someone you trust to act on your behalf in financial, medical, or legal matters if you are unable to do so. A will determines how your assets are distributed when you are deceased. Combined, they give peace of mind in a wide variety of scenarios. This option is great for many folks, but if your family life or estate is more complex, a trust may serve you better.
Talk to an estate planning attorney to confirm this is the right choice for you.
An Estate Plan That Includes a Special Needs Trust
If you have a dependent with special needs, a special needs trust is often your best option to ensure they can have their inheritance while not losing benefits they are entitled to. A special needs trust is often paired with powers of attorney, which helps cover different scenarios and needs.
Talk to an estate planning attorney to confirm this is the right choice for you.
An Irrevocable Trust
When people intend to use Medicaid to cover nursing home costs and want to protect their children’s inheritance, they sometimes use an irrevocable trust.
Talk to an estate planning attorney to understand all the pros and cons of an irrevocable trust and to see if there are other options that may serve your needs better.
