Checklist for documents to be used in planning
1. The Last Will
The will and testament forms the base of any solid estate plan. The will defines who the executor and what power it holds, and their responsibilities. It also lists the beneficiaries as well as the methods of transfer properties to them. The document also names guardians for minors , up to they reach the legal age to inherit the property.
2. The Living Will
A living will can be mistaken for the will of the last generation. It’s also known as an advanced directive for healthcare. Contrary to earlier directives, this clarifies how to make treatment decision on your behalf if you are unable to communicate. If you are unable to recuperate from injury or illness, you can choose whether you want machines or feeding tubes to be kept alive. The decision you make ahead of time can spare loved ones who are grieving the loss. Your decisions will be respected regardless of whether others do not agree with your decision.
3. Healthcare Power of Attorney (POA).
This is the legal document which names the person who is appointing the applicant.
The primary and backup agent will be able to make health decisions for you when you cannot. Spouses are the most common primary agent. A health POA guarantees that your doctor and everyone honor your wishes, even if it is not what they want.
4. Permanent Power of Attorney
The legal document names an agent who is authorized to make financial decisions on your behalf when you become incapacity. The agent can be your spouse or someone else with the power of a broad or restricted authority that will manage your finances. A long-lasting POA can be revoked at any point. The POA’s validity expires at the time of death. If a doctor has ruled that you are incapacity, you may include a clause of springing.
5. Revocable Living Trust
It’s a legal instrument written during one’s life that transfers assets into an trust to be distributed to specific beneficiaries. The trust document