What To Include In An Estate Plan

Estate Planning is the best way to protect your assets after your passing. It allows you to designate you gets what and when and avoids probate. There are multiple documents involved in a full estate plan, each designed to perform an important function. At Finder Law, LLC, our estate plans typically include the following documents:

A trust is a document that creates a separate entity that will own all the assets put into it. It also names a Trustee that will oversee the decisions about the assets inside the trust. Our trusts are written so that while the person is alive, the trust is empty. After you pass, everything you own will be given to the trust. One benefit of doing it this way is that, while you’re alive, the trust will never have to file taxes. A trust also allows you to avoid probate, which can be an expensive and lengthy process. Once you pass, the person you name as Trustee will have the legal authority to distribute your assets to the parties named in the document. Your Trustee should be someone you trust implicitly because they will have all the power in decision making when you no longer can do it yourself.

If you have a trust, this would be considered a “Pour-Over Will,” meaning it is meant to catch any assets that were accidently left out of the trust or were acquired after its last update. Basically, this document will say that if I own any asset not named in the trust, it is my wish to bequeath that to the trust. It may also include your wishes regarding custody if you have minor children.

This document allows you to name someone who can make medical and financial decisions on your behalf if you are unable to do so. Usually, this is the same person you name as the Trustee of your Trust.

In the event that you fall into a persistent vegetative state, meaning that without the help of machines, you would die and there is no reasonable hope for recovery, you wish to turn off life support. These became more common after the Terri Schiavo case in which there was a legal battle between her spouse and her parents about continuing life-sustaining measures. You can list any specific health wishes or concerns in this document as well, such as religious or personal beliefs about blood transfusions, etc.

Usually the most valuable asset someone owns is their home. Therefore, it is important to protect that asset when you pass away. A beneficiary deed should be completed on any and all real property you own. This document allows you to pass that asset to your Trust when you (and your spouse, if applicable) pass away. Again, this avoids the probate process and ensures your property or the funds gained from its sale are given to your designated beneficiaries.

As we mentioned previously, the way Finder Law designs their Trusts is that they remain financially broke. Legally, there must be some value given when the Trust is created though. Therefore, we draft a document giving everything tangible (meaning anything you can pick up and carry out of your home – furniture, clothing, etc.) to the trust. As long as you’re alive, obviously you have control over that property but it also catches all of those assets when you pass away by bequeathing them to your Trust.

Most people have items of special value or meaning that they wish to give to a specific person upon their death. It could be jewelry, guns, photos, etc. This list allows you to name specific items and who you want to give them to. It is designed to be something you can add or change at any time as well, so it is not something you would have to return to your attorney to alter.

We take pride in the quality of our work when it comes to our Estate Planning Packages. Not only will a full Estate Planning Package include all of the documents listed above, but we will also order a personalized binder to keep all these documents in one place. It also has tabs and room for you to add any other special documents you want your heirs to find easily. There are forms included for you to list bank account information, safe deposit box information, medical history, etc. so nothing is difficult for your descendants to find.

 If you need to create an estate plan from scratch or make alterations to an existing estate plan, call our office today for a free consultation. Our attorney has over 10 years of experience and can easily guide you through the planning process.