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What's an Estate Plan, Anyway???

Hi Everyone,

Happy Wednesday and Happy Holidays!!! This year has moved so swiftly now and we’re gearing up for an even faster 2017.  As I’ve talked about previously, year-end is the perfect time to get your legal and financial affairs in order.  As people are doing their year-end housekeeping one of the questions that I am asked quite frequently is, “Do I have an estate plan?”

What does having an estate plan truly mean? If I have a Will, do I have an estate plan? What is an estate plan truly comprised of?

A comprehensive estate plan is a set of various documents that addresses who will make medical and legal decisions for you if you lose mental capacity AND where your assets will be directed, how they are going to get to the ultimate beneficiaries, and who is going to oversee that process and ultimate distribution.  The following is a list of documents that comprise a comprehensive estate plan:

·         Last Will and Testament

·         Family Trust

·         Power of Attorney

·         Medical Proxy

·         HIPAA Release

·         Living Will/Advanced Directive

A detailed explanation of the above documents can be found here

The bottom line is that your comprehensive estate plan should address not only the transfer of assets, but also who will make necessary decisions for you in the event of your incapacity.

If you feel like your estate plan could use an update or you are missing any items from the above list, please contact us today.  Let’s make sure you start 2017 off right.

Until next time,

Amy