4 Diverse Documents that Contribute to a Well-Built Estate Plan
4 Diverse Documents that Contribute to a Well-Built Estate Plan

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As tax season approaches, we are all reminded of Ben Franklin’s famous quote, “The only things certain in life are death and taxes.” A well-built estate plan will not only protect you, your loved ones and your belongings; it will also reduce the taxes, stress and discord for your family if you become severely ill or die.

Document diversity is an important aspect of a well-built estate, and something Kamerow Law Firm can help you create. Our lawyers will guide you in this imperative aspect of your estate planning and ensure your desires are carried through in a clear and legal way to minimize any future conflicts among family members.

Four documents that should be part of your estate plan include:

  1. The Advanced Health Care Directive – this form spells out exactly what you desire for your healthcare needs if you are ever unable to communicate effectively. Your physicians, family members and other healthcare providers will know what types of procedures you do or do not want. This form also includes a list of people who will have the power to make decisions for you if you are unable to communicate your wishes. While everyone over the age of 18 should complete this form regardless of their wealth or lack thereof, few people take the time to actually do it.
  2. Power of Attorney for Asset Management – this specific form appoints a trustworthy person to take over your financial affairs should you become incapable of doing so. You can list all areas you wish for the appointed person to handle and those you want to withhold for someone else to handle.
  3. Will – a will can be used to distribute and transfer your assets and property once you pass away. In most cases, your belongings will have to go into probate, which can delay the distribution and cost your loved ones further expenses.
  4. A Living Trust – this method is typically a better option for the distribution of your assets upon your death. A living trust allows your assets to be distributed in a confidential manner with fewer expenses to your survivors. Your loved ones can avoid the issues of probate. For people who have a greater amount of wealth, some taxes can be eliminated with a living trust.

Estate Planning Lawyer

A specialized estate planning lawyer at Kamerow Law Firm can offer valuable guidance through this tedious process. Contact our firm today to help ensure you have the diversity you need for a well-built estate plan.