Planning for emergencies and the inevitability of old age can be very overwhelming, especially if you have never done it before. You may also wonder when to start. But you have already made the first step – you are thinking about your estate plan, and you made your way here, to our website and to this article, so this is great news! An estate plan is a set of documents strategically drafted to describe how, when, where, and to whom your assets will be distributed during your life and upon your incapacity or death. The earlier you create your estate plan the better.
At Hooser Legal Counsel, we will do all the heavy lifting for you. That way, you can focus on creating life-long memories with your family and friends, while building and protecting your family’s legacy. Please read below for an overview of what you need and what to expect during this process. If you have any questions, please ask our team. We are here for you.
Step 1: Gather Family and Personal Information.
- You/your spouse’s full legal names, birthdays, and contact information
- Your children’s full legal names
- Addresses to real estate
- Your financial resources and types of assets
- Contact information for anyone you plan to include in your estate plan
- If you have a business (LLC, C-Corp, shares, etc.), your business’ interests
- If you have accounts that include assigned beneficiaries, their contact information
Step 2: Which Plan is Best for You?
- Will – a legal document nominating who will manage your estate, provide for your children, and distribute your assets
- Trust – a plan to avoid probate court for the protection and transfer of your most important assets
Step 3: What Roles Do You Want to Delegate & To Whom?
- Executor/Personal Representative – in your will, you can appoint an executor/personal representative (“PR”) to administer your estate in accordance with your wishes written in your will
- Guardian – you can determine who should become guardian of any minor children or adults with special needs. This involves watching out for the personal and medical needs of the child or adults with special needs.
- Trustee – if you choose to create a trust, you can appoint someone to hold the trust property and manage the Trust funds according to the terms of the Trust. The trustee gathers and manages the assets pursuant to the terms of the trust. This is a great tool if you want to control how and when your children receive their inheritance.
- General Durable Power of Attorney – you may choose to appoint an agent to handle your finances during your life. This becomes valid as soon as it is signed unless you choose a springing power of attorney. However, you still need to record the document with your county’s Register of Deeds office for certain transactions to be effective.
- Health Care Power of Attorney – you may select someone to be your primary agent to make certain health care decisions on your behalf in the case you become incompetent
Step 4: How Would You Like Your Assets Distributed?
- You can decide how to distribute your assets by specifying the percentage and recipients, such as:
- Your surviving spouse
- Your children
- A gift to a friend
- A donation to charity
Step 5: Consider End of Life Care.
- Decide if you want to be an organ donor.
- Choose between burial or cremation.
- Specify the type of memorial or funeral you would like.
- Determine the medical treatment you prefer if you’re unable to make decisions at the time.
Please contact us if you have any questions and to set up your initial estate planning consultation. Thank you!
This is not legal advice.