Two Types of Estate Plans:
Trust-based estate plans are typically the preferred option.
Will-based estate plans may suffice in some cases.
Core Components of a Comprehensive Estate Plan:
Trust or Will:
Couples generally need a joint trust.
Alternatively, two individual trusts may be used depending on circumstances.
Even with a trust, a "pour-over will" is needed to transfer any excluded assets into the trust upon death.
Powers of Attorney:
State-standardized power of attorney documents are essential.
More extensive, detailed durable power of attorney documents are often recommended.
Long-term care planning may require specific provisions.
Healthcare Documents:
State-standardized healthcare documents and healthcare power of attorney forms.
Living will: Provides end-of-life care instructions (e.g., "pull the plug" decisions).
HIPAA Release:
Grants designated individuals access to medical records, potentially extending for two years post-death.
Assignment of Personal Property:
Includes furniture, jewelry, collections, vehicles, boats, etc., into the trust.
Does not affect ownership during life but governs assets after death.
Certification of Trust:
A condensed document summarizing the trust for third-party use (e.g., banks or investment accounts).
Maintenance and Updates:
Estate plans should be reviewed every three years.
Revisions may be needed for life changes, such as altering power of attorney designations or updating asset lists.
Overall Recommendation:
Estate planning is not a one-time task and requires periodic reassessment to remain effective and relevant.
This video is for informational purposes only. As always please get professional help before making decision on how to protect your assets.
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