What is estate planning? It’s a written plan to transfer your assets, during life or at death. Your prioritized goals shape your estate plan. That is, your goals and Lance’s recommendations come together to create your plan.
Common estate planning documents include Wills and Trusts. These are tools to create your plan. A Will allows you to direct how and to whom your probate estate transfers upon your death. Lance can help you select the most appropriate legal instruments, given your desired goals, and help you coordinate your documents to give maximum effect to your estate plan.
If your potential beneficiary receives Supplemental Security Income, Lance can help you understand the use of a Special Needs Trust (sometimes referred to as a “Supplemental Needs Trust”). Also, he can review how the Achieving a Better Life Experience Act of 2014 (“ABLE Act”) creates unique options for some individuals.
What is personal planning? As used here, personal planning refers to the process of enabling another person to become your decision-maker in the event you cannot make decisions.
Each day we make personal decisions of lesser or greater significance. What time will I wake up or go to bed, will I live here or there, is this medical procedure necessary or helpful, among many other decisions. If you have children, important issues arise such as where will my children live or who will nurture my child, if I am unable.
In addition to Wills and Trusts, the following documents are tools to facilitate your estate and personal planning:
- Financial power of attorney (a Statutory Durable Power of Attorney is a type of financial power of attorney)
- Medical power of attorney (along with a release to provide medical information to your family)
- Living Will (more formally called a Directive to Physicians & Family or Surrogates)
- Declaration of Guardian for minors
Whether you decide upon a testamentary trust (created upon death under your Will) or an inter vivos trust (created during life, like a revocable living trust or life insurance trust), Lance can help you make an informed decision.
If you are ready to create your own Estate Plan, contact Arthur McLain PLLC.