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Estate Planning: Options to Consider
Trusts
Many people associate trusts with the ultra-rich (think “trust-fund baby!”), but the reality is that trusts can be a super-useful tool for people from all financial levels. They come in several varieties (e.g., revocable/irrevocable) and can be tailored to an individual’s situation (e.g., special-needs, pet trusts, etc.) Trusts offer significant advantages, included keeping assets out of Probate, and can also offer tax benefits.
Power of Attorney
You can use a Power of Attorney to grant another person powers to act on your behalf. You can specify the nature and scope of these powers, as well as when they take effect. This can be a very useful tool that allows a trusted family member or friend to help manage your affairs. Specialized “Limited Power of Attorney” documents can accomplish your wishes with respect to care for your beloved pets in the event that you’re no longer able to (either due to death or incapacitation), and can be incorporated into a Pet Trust (see “Trusts” above).
Wills
In most people’s minds, “estate planning = writing a Will.” However, there’s so much more to it! Wills are great, but they must be written properly to have the desired legal effect. Plus, no matter how well it’s written, a Will will be Probated. If one of your goals is to spare your family the delay and expense of Probate Court, your plans must go beyond the traditional Will. Talk with us about ways to minimize your family’s entanglement in court as your wishes are honored.
Advance Healthcare Directive
Due to advances in medicine and nutrition, people are living longer. We’re also surviving many healthcare challenges that perhaps we wouldn’t have 50-100 years ago, which means there’s a greater probability of living with chronic health challenges for much longer than was possible before. Despite scientific advances, none of us is immune to conditions or events that could render us unable to manage our own healthcare. An Advance Healthcare Directive allows you to specify your particular wishes and to indicate who you want to make these decisions on your behalf, should you become unable to do so on your own.