Your estate plan is a set of legal documents designed to prepare you and more importantly, your family, for the onset of any unfortunate incapacitation you face, or your death. The documents enable your agent(s) or family to make those events more manageable and less costly, through legal instruments that implement your intended actions upon one of the life events.
The goal of the comprehensive plan is to maximize the preservation of your assets, optimize their disposition in accordance with your wishes, with the fewest possible steps needed, and without controversy!
Basic components include:
Identity of key people and successors
Identity, ownership, and approximate value of assets
Incapacity Planning:
- Financial Durable Power of Attorney
- Medical Durable Power of Attorney
- Advance Directive for Medical/Surgical Treatment (Living Will)
- (Parental) Delegation of Authority
Death Planning:
- Will or Revocable Trust with pour-over will
- List of Tangible Personal Property and Disposition
- Guidance regarding beneficiary designations and title on assets
Other Options:
- Guidance regarding obtaining CPR directive
- HIPAA Authorization (Release)
- Declaration of Disposition of Last Remains
- Designated Beneficiary Agreement