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Three Necessary Estate Plan Features
- A plan for your affairs and life in case of a medical emergency.
- A plan that is easy to follow to distribute your assets at your death.
- Giving substance(funding) making sure the assets are correctly titled in order to be distributed.
Common Elements in an Estate Plan.
Will– A will is necessary to make sure all of the property that has not been assigned or deeded to the trust gets placed in the trust at the time of passing. The Will will not have to go through probate and will take immediate effect upon the passing of the testator.
Revocable Living Trust-The revocable living trust allows the grantor to maintain control and use of the grantor’s assets and property but removes the property and assets from the personal estate of the grantor. This allows the grantor the same use control as full ownership, but will effectively exclude the estate from passing to go through probate.
Certificate of Trust– A certificate of trust will allow the trustee whether it be the grantor or the successor trustee after the grantor dies, to prove to third parties including but not limited to banks, insurance companies, or other financial institutions that the trustee has the authority to make decisions regarding those accounts.
Advanced Health Care Directive– The advanced health care directive is a legal document wherein a person can make known their wishes regarding end-of-life decisions and give authority to others to make those decisions in case of the person’s incapacity. These decisions include, but are not limited to, organ and tissue donation, life support, interveneous hydration and alimentation, and decisions regarding medical procedures or operations.
General Durable Power of Attorney– A general durable power of attorney allows an individual to specify a proxy to manage their personal and financial affairs with third parties. With a general durable power of attorney and incapacitated person will be able to have their bills paid, business activities uninterrupted, and procure necessary medical equipment were items for their comfort or well-being. The general durable power of attorney generally will lie dormant until activated by the principles incapacity.
Warranty Deeds and Assignments– Warranty deeds and assignments are legal documents used to transfer ownership of real and personal property to the trust. Assignments and quit claim deeds need to be executed for all property not yet titled or acquired in the name of the trust. Without the placement of assets in the trust the trust will remain unfunded and be of no use. The estate plan package also includes the recording of said assignments and quit claim deeds.
