Estate Planning
Which documents make sense for you?
- Last Will and Testament: This document directs how your assets will be given away after your death. Your assets can be given directly to individuals or can be given to a trust that will then distribute the assets. Having a Will does not mean you avoid probate
- Living Will (aka “DNR” declaration): You decide what instructions you want to give regarding life-sustaining procedures (i.e. do not resuscitate), artificial nourishment and organ donation. This document is used to carry out your wishes in the event you are terminally ill, comatose or otherwise incompetent or unable to make decisions for yourself.
- Durable Power of Attorney—General and Financial: This document is used to grant to another the right to act for you in financial and business matters. This authority is granted if you are temporarily or permanently incapacitated.
- Durable Power of Attorney—Health Care: This document is very similar to the above except it is to address the various health care needs and decisions required for an incapacitated individual.
- HIPAA Authorization: In the event of your temporary or permanent incapacity, this authorizes your Durable Power of Attorney for Health Care giving access to your private health care information if you are incapacitated.
- Revocable Living Trust: Generally used to avoid probate and avoid public viewing of your estate and can be changed at any time by the grantor(s). It is also a very helpful tool if you have a child with special needs, a beneficiary with challenges or have real property in multiple states.
- Irrevocable Trust: Assets are transferred into the trust, effectively removing the grantor's (owner's) rights of ownership to the assets and the trust. The main reasons for an irrevocable trust are for preserving assets from estate taxes, long term care/Medicaid planning, and avoiding probate.
Securities America and its representatives do not provide legal advice; therefore it is important to coordinate with your legal advisor regarding your specific situation.
Do you want to learn more about our estate planning services? Contact us to discuss what’s best for you.