![]() ![]() It is important that these individuals understand the values and moral compass with which you want your children to be raised.īeneficiaries are the family members or friends to whom funds will be distributed from brokerage and bank accounts, insurance policies and retirement accounts. The document gives the chosen guardians significant legal rights regarding your children, similar to those a parent would have. GUARDIANSHIP OF MINORS AND SPECIAL NEEDS CHILDRENĪ guardianship document puts in writing the name(s) of the person(s) you have chosen to raise and care for your minor or special needs children in the event of your death. ![]() You can update or modify them to account for future marriages, births, deaths, and other life events. Revokable trusts can be changed throughout your lifetime and therefore offer a great deal of flexibility. ![]() Trusts can also provide for the financial maintenance of minor children. Trusts come in many forms - including revokable and irrevocable – and are used for estate planning purposes to efficiently manage and distribute assets and to reduce your tax liability. The healthcare POA is different than the durable POA, which typically deals with your financial and legal matters. The person should be intimately familiar with your advance healthcare directive and use that document to assist them in making decisions about your healthcare. This document allows you – rather than a panicked family member, a doctor or a judge – to make proactive decisions about which actions to take, and not to take, to preserve your life.Ī healthcare power of attorney designates a spouse, grown child, friend or other individual to make medical decisions on your behalf when you cannot. It is a healthcare roadmap you create that gives medical personnel insight into your wishes. In the absence of a durable POA, decisions about your legal and financial affairs will be made by a court.Īn advance healthcare directive provides doctors and nurses guidance such as whether to put you on a ventilator, whether to perform surgery, what lengths to go to to resuscitate you if you stop breathing, and other similar life-support decisions in the event that you cannot make these decisions yourself. This POA typically handles legal and financial decisions, as opposed to a healthcare POA, which involves making medical decisions on your behalf if you can’t. Assets can include bank and investment accounts, insurance policies, real estate, retirement benefits, and personal property, such as jewelry, vehicles and sentimental items.Ī durable power of attorney designates a person or agent you have chosen to make decisions on your behalf in the event that you are incapacitated, unconscious or mentally incompetent. This is the most fundamental document in a plan where you outline how and to whom you want your assets distributed when you die. What should be in your estate planning checklist?įollowing are the documents that should be in your estate planning checklist:Įvery estate plan should contain a will. To find out more about how we can help, call us at 85. ![]() The skilled attorneys at Bunch and Brock have decades of experience in helping clients create meaningful estate plans that will provide for their families well into the future. Everything from crafting a power of attorney to naming an executor should be well thought out and part of a bigger plan. A skilled and experienced estate planning attorney can help you determine which documents you need based on your unique circumstances. Of course, every estate plan will be different and should be customized to an individual and their family, and it may even include their business. Your estate planning checklist should contain most or all of the following documents: Whether you already have an estate plan that needs to be updated or you are just starting to explore the idea of creating a will, the beginning of a new year is the perfect time to tackle your estate planning checklist. New Year’s is a perfect time to take a snapshot of your future goals, including evaluating the status of your estate plan. ![]()
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