May 16, 2014 by generationsprobate
Believe it or not, you and everyone else have an estate. These are the things that you own like your house, car, bank accounts, jewelry, shares of stock, and even your pet poodle Coco. This is the reason why you should make an estate plan of how you’d like to transfer these properties when you’re gone. What are the things that should be included in your estate planning tool?
Revocable or living trust
A revocable or living trust is an efficient way to transfer assets when you pass away. This tool also lets you avoid probate for the properties and assets that are included in your trust.
Your will is the instrument used to pass on assets and personal items that can’t be or are not contained in your trust.
Durable power of attorney
This document is needed in every estate plan as it helps you designate a trusted person to handle your finances, especially when you’re in a situation where you’re incapacitated.
Health care proxy
The health care proxy aims to get an objective decision from a trusted relative or friend who will make medical-related decisions on your behalf. This happens when you are no longer in a state to decide on the appropriate kind of care you should receive.
Those are the four essential things that your standard estate plan should have. It’s also true, though, that everyone has distinct needs. Consulting a law firm that handles estate planning can help you address your specific concerns.