Prepare for your future by exploring the intricacies of estate planning. Creating a comprehensive estate plan focuses on the five key documents crucial for a secure legacy including:

1. Will

There are two types of wills to consider. The first is a simple will that outlines how you want your assets distributed after your passing, designates a personal representative, and if applicable names a guardian and conservator for minor children. This document is filed with the probate court, and probate is required for asset administration. The second type of will, which is more common for our clients to put into place, is a pour-over will. In a pour-over will, you still designate individuals for each of the previously described roles, but instead of asset distribution, you direct that the assets without listed beneficiaries solely in your name be moved into your trust.

2. Trust

A trust is a legal arrangement where you (the grantor) transfer assets into the trust, managed by a trustee (usually you during your lifetime) for the benefit of beneficiaries. While alive, you serve as the grantor, trustee, and beneficiary. Upon your passing or incapacitation, a successor trustee takes over, managing assets for and distributing assets to beneficiaries according to your outlined preferences.

3. Power of Attorney

By signing a power of attorney, you empower someone to make legal and financial decisions on your behalf during your lifetime. It can be drafted to take effect only upon your incapacitation, but more commonly, it becomes effective upon signing. In all cases, it becomes invalid upon your death.

4. Designation of Patient Advocate and Living Will

This document designates someone to make medical decisions on your behalf when you cannot communicate with your treatment team. It also outlines your medical treatment preferences.

5. Deed

If you own real estate, you may want to consider a deed. Various types exist, all aimed at facilitating the transfer of real estate to intended beneficiaries without probate.