A number of estate planning documents are required by the attorneys while carrying out the estate planning procedure. These documents include the Will, the Living Will, the Durable Power of Attorney, the Durable Power of Attorney for Health Care, and the Revocable Living Trust.
About Estate Planning Documents
The estate planning documents are required for executing the estate planning procedures. These documents have separate functions, distinctive features, and different preparation methods.
Essential Estate Planning Documents
The essential estate planning documents can be categorized into the following types:
In some instances, a will is termed as a Last Will or a Testament. In this document, the wishes of a person regarding the procedures be followed regarding his assets in the event of his death are specified. In the absence of a will, the state legislations would prescribe what is going to be done with those assets. The preparation of a will can be done with the help of an attorney and in this way, the mode of distribution of assets can be laid down.
This is also known as an Advance Directive or Directive to Physicians. A living will particularizes the likes and dislikes for medical care of a person if the person is not able to convey those desires. This permits a person to regulate the level of expenses related to medical care that he is going to receive. Till the time the person is sound in terms of mental health and able to convey his desires, his directions will prevail. Durable Power of Attorney: This document nominates an individual to take financial decisions on behalf of a person in case he is unable to take them. This is a cost-efficient, time-saving and hassle-free measure of appointing a legal guardian. Till the time the person has a sound mental health, he has the right to nominate, countermand, or alter the power of attorney
Durable Power of Attorney for Health Care:
This document nominates a person to take health care decisions on behalf of a person if he is unable to take them. This permits a trustworthy person to be nominated to take the medical decisions. Nevertheless, the person who has been nominated should be a knowledgeable person who will comprehend the instructions well. This document is also termed as Health Care Proxy.
Revocable Living Trust:
This document offers the services related to handling of financial matters in the duration of the lifespan of a person, in case he is disabled and in the event of his death, as well as for the forthcoming generations. This document also assists regarding probate avoidance.
Last Updated on : 30th July 2013