- GuardianshipIn addition to the Will that takes effect upon your death, a good estate plan will include life planning if you should become incapacitated or unable to manage your affairs. Additional important documents might include a Durable Power of Attorney, a Medical Power of Attorney, a HIPAA release, Designation of Guardianship (if one is ever needed), a Directive to Physician, commonly known as a “Living Will.”
- Estate PlanningProbate should be viewed primarily as a method of transferring assets after death. Not all property is transferred under the will through the probate process. Life insurance, retirement plans, individual retirement accounts and annuities typically pass outside of probate via a beneficiary designation. It is important in the estate planning process to review beneficiary designations for if there is not a beneficiary designation, if the beneficiary is the estate, or if all of the beneficiaries are deed, these assets may be paid to your estate and thus pass in accordance with your will.
- WillsNeither Mrs. Kroc’s nor these other bequests would have been possible if the bequests had not been included in their Last Wills and Testaments.
- TrustsDepending on the size of your estate and the type of assets, there are more complex charitable arrangements that can enhance charitable giving through income and estate tax advantage gifting. These split-interest charitable trusts are designed to financially support you, your family and the charitable causes important to you during your lifetime while permitting after death the transfer of assets for your and your family’s benefit or to the charity, in an enhanced tax efficient manner.
- Power of AttorneyLiving or Revocable Trusts can also be used to plan for possible future incapacity. When an incapacity arises, the person you name as successor trustee might find management of trust assets easier than merely relying on a Durable Power of Attorney.
- Probate
- Tax Law