Estate planning provides the peace of mind that comes with knowing that your last wishes will be carried out according to your specifications. It is important to know that your loved ones will be relieved of the responsibility of making crucial decisions at a time when they are least able to make those kinds of determinations.
The drafting of a simple will is a relatively easy process, and for that reason, it is neither costly, nor time consuming to have one prepared. The peace of mind it conveys is priceless.
If for any reason you become unable to make medical or financial decisions for yourself, a living will can provide guidance to caregivers to make certain your wishes are carried out. In addition to communicating with loved ones what your wishes would be under these circumstances, this directive memorializes your wishes. This document can help prevent confusion and be of great comfort to those who may be called upon to help make such a difficult decision.
Will - A Will is a written, legal document that provides details and instructions for the disposition of a decedent's (dead person's) property. This can be used to explain how property is to be allocated and who would be responsible for carrying out your wishes.
Trust - A Trust is a type of legal entity which is used to hold legal title to property (usually the decedent's) for the benefit of one or more persons. This is commonly used in conjunction with a will, so that real or personal property is properly distributed after your passing. It is particularly useful when transferring property to minors.
Living Will - This document will direct your medical care in the event you become incapacitated or are unable to communicate your wishes to your health care providers.
Durable Power of Attorney - This document designates specific people to handle certain tasks on your behalf if you are unable to do so. This can be applied to health care, to designate specific people to administer care or to serve as implied consent; or to property, so that designated people can handle your affairs on your behalf.