On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Thursday July 18th, 2024.
Estate planning does not start and end with a will. To ensure your designated beneficiaries are well-protected after you pass on, you need to have a clear and detailed road map of how your assets will be transferred. Here are four essential documents you should consider:
A Comprehensive Will
When crafting the will, be sure to name an Executor to avoid costly legal battles among your beneficiaries. You may also want to determine the guardianship of your non-financial assets, such as your pets, art collection, and young children, in your will. To be sure that your will remains valid, draft it with the help of a seasoned Estate Planning attorney.
A Living Trust
While the will kicks on after you pass on, a living trust is a powerful tool that can help you manage your assets while alive and ensure a seamless transfer after your death. As the name suggests, the assets in a “living” trust will still be under your control until you pass on.
The primary advantage of having a trust is that all the assets under it are not subject to the probate process. Probate processes are not only time-consuming and costly to your beneficiaries but are also carried out in public courts.
The Power of Attorney
A great estate plan does not just cover the death aspect but also goes as far as outlining the steps to be taken if you become incapacitated. In such a case, you would need someone you trust to take charge of your financial and legal decisions. That is essentially what is called the power of attorney. You can designate an Attorney-in-fact to take charge of all your life decisions or limit them to specific actions.
Letter of Intent
Letters of intent are not legally binding. However, they can help clarify your wishes further, particularly when it comes to things like burial arrangements and distribution of your sentimental items.
Contact Us
Whether you need to draft a will or establish a trust, you can rest assured that Wickersham and Bowers will deliver. Call us today to talk to our estate planning attorney.
