If you are retired, spending down your assets, and don’t have young children that need guardianship, do you really need an estate plan? The answer is still YES because if you don’t have one the government will get to decide! In this video, we discuss the key documents in an estate plan and why they are important.
An overview of the key documents in an estate plan:
1. Will/ Trust – to ensure property is distributed according to an individual’s wishes
2. Durable power of attorney – so someone can legally sign your name if you are not able to yourself
3. Beneficiary designations – Not everything transfers by operation of law—somethings like life insurance, IRAs and other retirement accounts transfer by operation of contract
4. Letter of intent – this can address tangible property i.e. jewelry or art work
5. Healthcare power of attorney – designate an individual that can make health care decisions for you according to your wishes