Estate planning is one of the most important steps you can take to ensure your property and health care wishes are honored. At Fankhauser Rachel PLC, we work closely with our clients to create a strategic plan that will help you meet your objectives. We know these topics are not the easiest to discuss amongst family members/spouses, but it is very critical to have the necessary conversations and get these documents in place, should something happen to you. Here are the five documents we believe are essential when developing your estate plan.
Last Will and Testament
A last will and testament, also known as a will, is a legal document that details how a person wants their property distributed after death. It can also appoint a guardian for minor children and name the people responsible for managing and distributing your property. Without a will, the state will determine who will inherit your assets when you pass. A last will only become in effect after the death of the person who drafted the will.
A living will is a document that dictates the medical directions wanted to be followed in the event he/she becomes seriously ill and becomes unable to communicate directions themselves. A living will can be a very valuable guidance to your family and health care professionals.
Medical Power of Attorney
A medical power of attorney is a document where you designate someone to be your representative in the event you are unable to communicate decisions based on your medical condition. This document goes into effect when your doctor determines your lack of ability to make your own healthcare decisions.
Financial Power of Attorney
A financial power of attorney is a document that gives someone the authority to act on your behalf on financial matters. It only goes into effect based on what is worded in the document. This means that you can have it go into effect once your document is signed, or you can specify that it can only go into effect when a doctor certifies that you are incapacitated.
A living trust is a document that is created during your lifetime. While you are alive, you have the ability to transfer the title of your property to another person, or trustee. A major benefit of a living trust is that you can avoid the probate process. This is beneficial for saving time for your friends and family after you pass.
Estate planning doesn’t have to be difficult. Fankhauser Rachel, PLC can help you understand the different estate planning documents, how they work and the benefits of each. Not only do we ensure peace of mind, we will give you the ability to weigh your options and choose what’s best for you and your family.
At Fankhauser Rachel, PLC, we are real people who offer our clients real solutions when our clients face obstacles or struggles. Contact us today to discuss your particular needs and wants and the options available.