Essential Estate Planning Package - Tier 1

We believe everyone should have a basic estate plan, regardless of their age or wealth. While the term "estate plan" often brings up images of complex documents for the very rich, a bare-minimum plan is a set of essential documents that protects you and your loved ones in the event of your death or incapacitation. Without a plan, you leave critical decisions in the hands of the courts, which may not align with your wishes.

A bare-minimum estate plan should include:

• A Last Will and Testament: This legal document specifies who will inherit your property and assets after you pass away. It is also where you can name a guardian for any minor children you may have, ensuring they are cared for by the person you choose. Without a will, state law dictates who receives your assets, which may not be the outcome you desire.

  
  

• A Durable Power of Attorney: This document designates a trusted individual to make financial decisions on your behalf if you become incapacitated and are unable to manage your own affairs. This person can handle tasks like paying bills, managing investments, and dealing with real estate. This is crucial for avoiding a potentially costly and public court-appointed conservatorship.

  
  

• An Advance Healthcare Directive (or Living Will): This document outlines your wishes for medical care if you are unable to communicate them yourself. It can include your preferences for life-sustaining treatments, pain management, and other medical decisions. This spares your family the burden of making difficult choices and ensures your healthcare wishes are honored.

  
  

For those with children, special consideration should be given to their care and financial well-being. A will is the place to formally name a guardian You can also use a trust to manage assets for your children, ensuring they receive their inheritance after any threshold you place has been met.

In short, a basic estate plan is an act of care and responsibility for yourself and your loved ones. It provides peace of mind, avoids potential family disputes, and ensures that your wishes are respected during some of life's most challenging moments. It's a proactive step that safeguards your legacy, no matter the size of your estate.