Irrespective
of your age or your net worth, you should have a basic estate plan in
place which consists of the following documents:
-
a durable power of attorney to address financial matters in the
event of your illness or disability;
- a living will and health care proxy to address your medical
wishes;
- a will to address the distribution of your assets,
appointment of executor, trustee and/or guardian, etc.;
- and a list
of important/emergency information (listing of your assets, account
numbers, username and/or passwords, contact names and phone numbers,
etc.).
The links above will provide you with more specific information on
the various types of documents used in Estate Tax and Gift Planning.
You may wish to
take a look at my
estate planning
questionnaire. It is the starting point in the estate planning process as it
helps you to think about what is involved. For example:
- Who do you
wish to appoint to act on your behalf in your documents (agents include those
acting under your power of attorney, your living will/health care proxy,
executors, guardians and/or trustees under your will)?
- Who do you
wish to leave your assets to (are your beneficiaries minors, subject to
creditors) ?
- What type of
assets do you own, how do you own them, where are they located and what are
they worth?
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