Believe it or not, we all have an estate, and it’s comprised of everything you own from your car and home to bank and investment accounts in your name, and even your furniture. Here are a few things to keep in mind when creating your estate.
Wills
In its most simple form, a Will is a way for a deceased person to dictate where their assets will go after they pass away. You can distribute your assets any way you choose, weather that be to family members and friends or charities that are meaningful to you. You will also appoint an executor—the person who will be in charge of distributing the assets.
Trusts
A Trust is very similar to a Will in that you can decide what will happen to your estate when you pass away; however, a trust also applies if you become unable to manage your assets while you’re still alive. A Trust will also be used if you want your estate to be given away gradually, as opposed to given in full at one time.
Financial and Medical Powers of Attorney
A Power of Attorney is a document that grants certain Powers to an agent to execute specific tasks on your behalf. There are two types of Powers of Attorney: financial—which allows the agent to make financial decisions on your behalf. There is also medical—which allows the agent to make medical decisions on your behalf.
Living Wills
A Living Will is a document stating whether or not you want to be kept alive on life support should you become terminally ill or fall into a vegetative state. It can also address other important questions about your preferences on tube feeding, artificial hydration, or pain medication.
If you want to begin the estate planning process, but aren’t quite sure where to start, Skinner & Associates can help. Let us take the stress out of estate planning. Give us a call today at 614-664-0200, or visit our website to learn more.
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References
https://www.investopedia.com/terms/e/estateplanning.asp
http://www.estateplanning.com/What-is-Estate-Planning/
https://www.fidelity.com/growing-managing-wealth/estate-planning/trusts
https://www.aarp.org/caregiving/financial-legal/info-2017/wills-trusts.html
https://www.totallegal.com/financial-and-medical-power-of-attorney.aspx
https://www.legalzoom.com/knowledge/living-will/topic/what-is-a-living-will