Will-Based Estate Plan
Will-Based Estate Plan
It lays out exactly how you want your loved ones to be cared for and your assets distributed should you become incapacitated or pass away.
Beyond the basics: It goes beyond a simple plan, providing customized and state-specific documents to ensure your healthcare wishes and final arrangements are honored. This includes designating someone to make medical decisions for you if you can't, and outlining your preferences for end-of-life care.
Key components: An estate plan typically addresses:
Asset distribution: Who inherits your belongings and savings?
Guardianship: Who cares for your minor children or dependents?
Healthcare directives: Who makes medical decisions if you're unable?
Funeral arrangements: Your preferences for your final wishes.
Peace of mind: By creating an estate plan, you'll have peace of mind knowing your wishes will be respected, and your loved ones will be taken care of during a difficult time.
BENEFITS:
Ensure your loved ones are cared for: Choose guardians for your children and pets, providing them with a secure future.
Reduce family burden: Appoint a trusted person to handle your affairs, relieving your loved ones of stress during a difficult time.
Personalize your legacy: Leave specific gifts to those who hold a special place in your life, creating cherished keepsakes.
Protect your wishes: Clearly outline how you want your assets distributed, avoiding confusion and potential conflict.
Maintain control: Exclude individuals from inheriting your property, ensuring your wishes are followed.
Plan your final wishes: Specify your preferences for your funeral and other arrangements, honoring your dignity and easing the burden on your family.
Make your voice heard: Include any special requests you have, ensuring your individuality is remembered.
Prepare for the unexpected: Decide what medical care you want in an emergency, giving your loved ones guidance and peace of mind.
Empower your healthcare team: Designate healthcare agents to make medical decisions if you can't, ensuring your wishes are carried out.
Grant access to important information: Allow trusted individuals to access your medical records, facilitating smooth communication with your healthcare providers.V
DOCUMENTS:
Last Will & Testament: This is the centerpiece of your estate plan. It outlines who inherits your assets, appoints guardians for your minor children (if applicable), and specifies your wishes for your final arrangements.
HIPAA Authorization: This document allows you to designate trusted individuals who can access your medical records and health information. This can be crucial for ensuring smooth communication with your healthcare providers during a medical emergency.
Living Will (also known as an Advance Directive): This document expresses your preferences for medical treatment if you are ever in a situation where you cannot make decisions for yourself. It allows you to have a say in your care and helps your healthcare team understand your wishes.
Power of Attorney: This document authorizes a trusted person (your agent) to manage your financial, personal, and/or medical affairs if you are unable to do so yourself due to incapacity or absence.