Last Will and Testament

A will gives you the power to decide what is in the best interests of your children and pets after you’re gone. It also can help you determine what will happen to possessions with financial or sentimental value. It typically names an executor — someone who will be in charge of following your directions. Finally, you should have funeral plans included as well.  Your will should name guardians for those under your care, including minor children and pets. It should also designate any assets you are leaving for their care.  Read more about wills by clicking on the photo on the left.

 

Revocable Living Trust

A living trust is another tool for passing assets to heirs while avoiding potentially expensive and time-consuming probate court proceedings.  You name a trustee — perhaps a spouse, family member or attorney — to manage your property. Unlike a will, a trust can be used to distribute property now or after your death.  You can change a revocable living trust as long as you’re mentally competent and if you have substantial property or wealth, a trust can provide tax savings.  Read more about trusts by clicking on the photo on the left.

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Durable Power of Attorney

Choose someone to act on your behalf, financially and legally, in the event that you can’t make decisions.  This needs to be done now to avoid the court naming someone who may not have your best wishes in mind.  If you do not designate a power of attorney, your family’s hands could be tied should you become incapacitated, which can happen to young people as well as the elderly.  Read more about a Durable Power of Attorney by clicking on the photo on the left.

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Healthcare Power of Attorney and Living Will

To ensure that someone can make medical decisions for you in the event you become incapacitated, establish a health care power of attorney — also called a durable health care power of attorney. This is different from the durable power of attorney for financial and legal affairs.  A living will let you explain in advance of your death what types of care you do and do not want, in case you can’t communicate that in the future.  Read more about Healthcare Power of Attorney and Living Wills by clicking on the photo on the left.

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Long Term Care Planning

The high cost of long-term care has made planning a critically important issue for most middle-class seniors and their families.  In fact, most seniors will likely require some form of long-term care. Planning for this in your estate plan can avoid financial devastation should such a need arise.  Planning for long term care insurance or Medicaid should be a part of your plan.  Read more about long-term care planning and medical assistance by clicking on the photo on the left.