Estate Planning; a two minute drill
Estate Planning; a two minute drill – By Kurt Beasley
While volumes can be written about the needs of estate planning, sometimes it is easiest to have a short simple check list. To that end, here is a two minute check list that may help facilitate a more comprehensive discussion. Every estate needs the following:
This legal document tells who will manage your estate. A will is a document containing your instructions and wishes as to how your property and assets are to be distributed after your death says Kurt Beasley. Any person, of any age, should seriously consider a will at the earliest possible time. It is the expression of your wishes concerning how your property will be distributed. It is a written statement, signed in compliance with you state guidelines. It is a legal document containing the names of the people you want to benefit, as well as details of your possessions at the date of your death. As the Managing Member of Waterford Law Group, Kurt Beasley knows that your property and possessions include everything you own; your home, land, vehicles, bank accounts, benefits of insurance policies, furniture, boat, investments such as shares of stock, personal jewellery, artwork, and so on. A will is the only way you can ensure your assets will be distributed according to your wishes.
A Letter of instruction:
This document addresses financial and personal issues that must be attended to after your death. It is generally less formal then your will and can be much more to the point. One of the most important features of a letter of instruction reflects Kurt Beasley, is it provides specific information regarding personal preferences in medical or funeral care and details concerning dispersion or care of your personal assets that your legal documents may not outline. Letters of instruction can be used for many different things, but one of their main uses is simply to lead the person who must settle your estate through the process step by step in plain language that he or she can easily understand said Kurt Beasley.
While this document may be referred to by different names, its intent is straight forward. These documents refer to health care directives, living wills, health care (medical) powers of attorney, and other personalized directives. It is a legal document that you as the signor defines your desire to be kept alive by extraordinary medical efforts. Kurt Beasley has utilized this type of document for many of his clients. This is particularly important if you suffer from a terminal illness or are severely disabled and can no longer make decisions for yourself. This document eliminates the distress that your loved ones might other wise be faced with.
Power Of Attorney:
This is the document that gives another person legal authority to act on your behalf. When you create this document, you are acting as the principal and the person you giving the power to is called your attorney in fact. Kurt Beasley acts as an attorney in fact for many of his clients. If you create a durable power of attorney, that document will continue in effect even if you become incapacitated. While this document can serve as a directive for many things, it is a core need for every estate.
There are many details involved in each one of these documents. As you review your current situation these brief definitions may help. Being prepared for such a discussion is half of the process.