Estate Planning
Estate planning is the process used to arrange and manage one’s assets. Estate planning can include arranging the following:
WILLS
Wills, which can be written, statutory or oral, are documents specifying those who will manage and inherit one’s assets.
TRUSTS
Trusts, or financial arrangements, allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.
POWERS OF ATTORNEY
Powers of attorney for financial affairs, provide the authority to act for another person in financial matters.
ADVANCE HEALTH CARE DIRECTIVE
Advance health care directives are legal documents where one specifies what actions should be taken for their health if they are no longer able to make decisions for themselves because of illness or incapacity.
Health care powers of attorney (also known as proxy) are documents that appoint an individual to make health care decisions when the grantor of the power is incapacitated.
Living wills are legal documents where one states how they wish to be treated if they should require medical treatments and life-prolonging procedures and are unable to communicate their wishes.
To learn more about estate planning and the steps needed to create an estate plan, please see here. There are also helpful videos you can check out on estate planning, including "Documenting your Wishes," "Practical Things to Think About" and "Financial & Medical Decision Making." You can also find more information on advance health care directives, including health care powers of attorney/proxy and living wills.
Life Insurance
Life insurance is part of estate planning. One of the main purposes of life insurance is so you can pay during your lifetime to ensure that your loved ones are taken care of in the event of your passing.
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