Although it would appear that only those with real “estates” need estate plans, the majority of individuals need one. This is because an estate is essentially your belongings on both financial and legal grounds. This includes your home or other real estate, checking and savings accounts, automobile, investments, life insurance, and other personal belongings.
Estate planning is a catch-all word for several distinct legal documents that clarify your preferences for health care, the distribution of your assets and belongings, and the identification of the person you want to look after your dependents, pets, and children after your death. Consider estate planning as a guide to ensure your intentions are followed upon death or incapacitation.
So, what documents do you require for estate planning in Chandler? Here is your checklist:
The last will
Your last will serves as the cornerstone of your estate plan. Your will should specify how your assets will be distributed after your death. It should also provide instructions about who will, in this case, be the guardian of your minor children. Generally, a final will has greater significance than a revocable living trust (see below). It will let your family members know what you want. You can create a checklist for will preparation with the assistance of Brown & Hobkirk, PLLC (for estate planning attorney Chandler).
A Revocable Living Trust
With the help of this document, property can be transferred more quickly and discreetly without going through a probate court process. This implies that the probate court will not be required to verify and distribute your assets to the right recipients. Because trusts require ongoing upkeep, it may not fit every client.
Durable POA (power of attorney)
This document will enable someone else to handle your financial affairs in the event of your illness or incapacity. For example, they can purchase and sell your real estate and handle your bills, investments, and bank accounts. Additionally, this person can file your tax returns. They can also apply for the government benefits you require on your behalf. They can assist with other financial issues, retirement accounts, and digital assets.
Medical POA
Let’s imagine you become unwell or get hurt and are unable to function. Who will make decisions on your behalf? This paper will legally allow someone else to decide about your medical treatment. End-of-life care and organ donation are two topics that a medical power of attorney will cover. Usually, it is completed in conjunction with a living will, which also contains an advance directive.
Forms of beneficiaries
Several assets, including 401(k) plans, IRAs, and life insurance, let you designate a primary and backup beneficiary. Doing this will save money on probate and give your loved ones the assets straightaway. Thus, it’s critical to keep these designations up-to-date.
Final words
Although it may seem overwhelming, drafting an estate plan doesn’t have to be. Your estate planning lawyer is qualified to evaluate your financial status and provide you with the best estate planning documents.
