What is in an Estate Plan? (Video)
Hi. I’m Gary the owner of DeWitt law. Start your plan now at DeWitt dot law.
An estate plan is more than a set of documents. It’s about doing the right things to care for you, your family, and your money.
Let’s start with taking care of yourself, your family, and your money during your lifetime.
The legal documents used are a durable power of attorney, a healthcare power of attorney, a HIPAA release, and a Living Will or advance directive.
A durable power of attorney names the people you want to make financial, legal, and personal choices for you when you can’t.
A healthcare power of attorney names the people you want to manage your healthcare choices when you can’t.
A HIPAA release tells healthcare professionals who they can share information with.
A Living Will or advance directive spells out your wishes if there is no chance of recovery.
The things to do are:
- Discuss your healthcare wishes with your family and close friends
- Pick the people you want in charge if you can’t be
Arranging for the distribution of your final estate ranges from simple to complicated. Many families don’t need a Trust to avoid probate and accomplish their distribution goals. They can use a beneficiary plan to accomplish the same things without the complexity and expense of a Trust.
However, if you have children with addictions, underage beneficiaries, children with bad marriages, and more, then you need to seriously consider a Trust. If you want to give your children’s inheritance the maximum protection it can have, then use a trust. If you have children with special needs, use a trust.
The things to do are:
- Decide who gets what, when, how, and how much
- Get your plan started
You have two choices – estate plan or not. Planning leads to certainty, order, and peace of mind. Not planning leads to confusion, chaos, and anxiety.
Get your plan started now at DeWitt dot law.