When handling your estate planning, you may have fears about not choosing the best documents. Taking the time to understand each document and tool will allow you to create a plan that meets your needs. Take a look at two more documents and tools that you may want to consider using. If you have any questions, or if you’re ready to begin your estate planning, call our estate planning law offices.
Durable Power of Attorney
With this document, you can ensure that your financial affairs will always be in order, even if you’re unable to make your own decisions due to incapacity. You will appoint an agent who will be responsible for handling your financial obligations during your time of need. You can do a number of things with this document:
- Appoint an agent who will be responsible for your financial responsibilities
- Make sure that your finances will always be in order, even if you’re unable to handle them yourself
- Ensure your family access to your finances
Without this document, your family will have to go to court, in order to get the approval needed to access your financial documents and handle your affairs. The court will stay involved, which is expensive and a hassle for your family. It’s important to be prepared ahead of time.
Letter of Instructions
This is a great way to make sure that all of your wishes are followed. With this tool, you can explain some of your last minute requests. While this is not a legal document, it’s a beneficial tool to include in your planning. You can do a number of things with this planning tool:
- Outline funeral wishes including cremation or burial preferences and services wishes
- List contact information of your advisers and attorneys
- Show a complete list of assets
- List account information including account numbers and pins
This is a great way to further direct your loved ones after your death. Talk to your attorney about how to go about creating this letter.
If you have any questions about the above information, or if you’d like to begin your estate planning, consult call now for a confidential estate planning consultation.
- How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
- State Income Taxation of Social Security Benefits - August 24, 2022
- Understanding Tax Apportionment Clauses - August 17, 2022
