What does an estate plan cover?
Find out which plan is right for your unique life situation.
Benefits | Trust Clients can avoid probate with a complete plan for the protection and transfer of their most important assets. | Will A plan for who will look after your client's children and what should happen to their assets if something happens. |
|---|---|---|
Nominate child guardians | ✓ | ✓ |
Nominate pet guardians | ✓ | ✓ |
Decide who will handle your affairs | ✓ | ✓ |
Leave specific gifts | ✓ | ✓ |
Exclude people from your property | ✓ | ✓ |
Specify final arrangements | ✓ | ✓ |
Note special requests | ✓ | ✓ |
List health care wishes | ✓ | ✓ |
Designate health care agents | ✓ | ✓ |
Grant access to medical records | ✓ | ✓ |
Add conditions to distributions | ✓ | |
Avoid probate court | ✓ |
Protect your family with these five Estate Planning Documents
Give your family the gift of peace mind by including these documents in your Estate Plan
The world of estate planning provides a vast number of tools at your disposal. Each legal instrument serves to help you obtain specific goals that are unique to you, your family, and the legacy you’re looking to create. Here, we introduce the five non-negotiable estate planning documents that everyone should use as their foundation.
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1. Will
What it is: Your Last Will & Testament explains what should happen to your property and assets after you pass away. You can also name a guardian for dependent children or pets, and an executor to handle your affairs.
Why it’s important: A legally binding Will helps ensure your wishes are followed. Without one, the Probate Court will use state laws to decide what happens to your assets and dependents.
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2. Trust
What it is: A Trust is a fiduciary relationship that allows a Trustee to hold and manage assets for the benefit of your beneficiaries.
Why it’s important: A Trust can help move assets out of probate and gives you more control over how and when assets are distributed after your passing.
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3. Power of Attorney
What it is: A Power of Attorney is a legal document that lets you appoint someone to manage your affairs and make legal decisions on your behalf if you become unable to do so.
Why it’s important: It gives someone you trust the ability to step in and handle important personal, financial, or legal matters when needed.
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4. Living Will
What it is: A Living Will expresses your wishes regarding future medical care and decision-making.
Why it’s important: If you become incapacitated, it helps your loved ones and doctors make decisions that align with your preferences.
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5. HIPAA Authorization
What it is: A HIPAA Authorization is a consent form that allows another person to access or receive your protected health information.
Why it’s important: It allows trusted individuals, such as your Power of Attorney, to access medical information so they can make informed decisions on your behalf.
To Get Started Please Contact Your Advisor at 248.626.2000
Trust & Will is not affiliated with or endorsed by LPL Financial.
This information is not intended to be a substitute for specific individualized tax or legal advice.
We suggest that you discuss your specific situation with a qualified tax or legal advisor.
