Creating Your Estate Plan
I usually meet with people in their homes when we are planning for the transfer of your wealth following death. The first questions I always get is:
WHY MEET IN MY HOME?
WHAT ARE THE FIRST STEPS?
|Because it is convenient and time-efficient. That is where you keep all of your paperwork if I have questions.
||You have homework to do. I need to know about your assets and wishes for their distribution.
What Are My Assets?
Assets have monthly statements, titles, and deeds and also include life insurance policies or anything in your name that has value.
WHAT I NEED TO KNOW: How the asset is titled, who the beneficiaries are and the value.
NEXT: I need to know where (to whom) you want your wealth to go after you, or the last of you and your spouse, die.
A typical estate plan I help clients create include a Will, Durable Power of Attorney, Healthcare Declaration and Beneficiary Deed. Read on to learn more about what these estate planning tools can do for you.
A document that takes effect after you die, filed in Probate Court, describing were (to whom) you want your assets to go. A well-planned estate tries to avoid transferring your wealth through Probate Court.
DURABLE POWER OF ATTORNEY
A document that appoints an individual to act on your behalf should you be physically or mentally unable to do so. This power terminates upon your death.
A document that declares your desire to NOT be kept alive by artificial means if two doctors declare you otherwise dead.
A revocable deed filed with the recorder of deeds transferring ownership of your home to named persons (beneficiaries) upon your death.