An estate plan is a comprehensive approach to providing peace of mind and instructions for life’s uncertainties.  Each plan begins with a number of documents to delegate decision-making for your financial and medical affairs to the person(s) of your choosing in the event you become incapacitated or incompetent and cannot make decisions on your own behalf between today’s date and the time you take your last breath.  Then, a second set of documents is prepared to assist in transferring ownership of your real and personal property following your death.  In totality, these documents are an estate plan. Learn more about each document below.

A Durable Power of Attorney is a document that states who is authorized to make financial and or medical decisions on your behalf in the event you are injured and or ill and thus, unable to manage your own affairs.  These documents will allow you to designate a spouse, a partner, a friend, or a family member of your choosing to assist you when you are most vulnerable.  If you fail to prepare a Durable Power of Attorney, a court will authorize a person it believes is best to make these decisions for you through what is known as a guardianship proceeding. 

A Last Will & Testament is a set of instructions prepared by you which states who shall receive your real and personal property following your death.  For parents of minor children, this is document which also states your preference on who should raise your children and look after any monies they may inherit.  Without a Last Will & Testament, your assets will pass according to statute in a manner that is inconsistent with your wishes and your children will be raised by the person(s) selected by the judge assigned to your case. 

A Revocable Trust is an instrument that allows you to set forth your wishes with respect to the ownership and management of your assets during life and upon your death.  It may be amended or revoked during your lifetime. You may extend control of your assets over long periods of time following your death, provide the inheritance outright, and or set conditions for your loved ones to inherit.  For example, if your children are college age when you pass away, perhaps they must maintain a certain GPA in order for their tuition bills to be paid or alternatively, perhaps they only receive a small percentage of their inheritance each year and the bulk is held and managed for them until they a certain age/maturity milestone.  The options are endless.  All of the assets held in trust following your death will also avoid probate.  Probate is time-consuming, financially very costly, and your personal financial affairs are public record.