Estate Planning
Your estate plan will include at least one of the following documents. It will likely include more than one and can potentially include all of them.
Will
A Will is a legal document that explains what should happen to your money, property, and belongings after you pass away. It lets you name the people who will receive your assets (called beneficiaries), choose someone you trust to handle your estate (called a personal representative or executor), and name a guardian for your minor children. Having a Will helps make sure your wishes are known and can prevent confusion, delays, and disagreements during the legal process known as probate.
A Power of Attorney is a legal document that lets your choose someone you trust to make decisions for your if you cannot do so yourself. This trusted individual - known as your agent or attorney-in-fact - can be authorized to manage your finances, property, or healthcare decisions, depending on the type of Power of Attorney you choose to create. It is an important way to plan ahead and make sure your wishes are followed if you become sick or unable to make decisions on your own.
Power of Attorney
Revocable Living Trust
A Revocable Living Trust is a legal tool that lets your place your assets - like your home, bank accounts, or other property - into a trust while you are still alive. You stay in control of everything and can make changes at any time. After you pass away, the trust helps your assets go to your chosen beneficiaries quickly and privately, without going through probate court. It is a smart way to plan ahead and make things a little easier for your loved ones.