Estate Planning can be described as how you want your assets distributed at your death, but it also includes how your assets are held and protected during your lifetime. Part of Estate Planning is also making provisions for who will act on your behalf in the event you cannot do so on your own, and also what your wishes are in the event of a serious medical condition. Most Estate Plans include the following:
- Durable General Power of Attorney
- Medical General Power of Attorney
- Living Will-Health Care Directives
In addition to these documents, Estate Planning might also include the creation of a trust for the benefit of you and your family. Though these documents can all be drafted and executed separately, the key to any good Estate Plan is to make them work together in a way that clearly expresses your wishes, and protects and distributes your assets. Given potential tax consequences and the possibility of a lengthy probate, an organized and well drafted Estate Plan is essential to protect the assets you work so hard to acquire. If Estate Planning is something you have been considering, Dietze and Davis would be glad to inform, advise and assist you in this important process.