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ESTATE PLANNING:
WILLS/ LIVING WILLS/POWERS OF ATTORNEY
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You may not think of yourself as having an estate, but you do. Your estate is comprised of everything you own. Estate planning, by its name, is just that – a plan to decide how you want your assets to be distributed after you die or are unable to make your own financial decisions. It is important for everyone to have an estate plan in place to ensure your wishes are carried out.
The estate planning team at SSP takes great care in designing an estate plan that best fits you and your family’s needs. An estate plan can include several elements. Below are four items that make up a basic estate plan. Your individual situation will determine the complexity of your personal estate plan. Please contact us to discuss the best plan for you and your family.
Types of Services
Wills
An estate plan begins with a will. A will is a vehicle for you to identify who you want to inherit your property and, if you have children under 18 years of age, name a guardian to care for them should something happen to you.
Trusts
Are you concerned about how all your assets will be distributed after you die, how your children or spouse will spend their inheritance, or how much tax your heirs will have to pay? If so, you may want to consider creating a trust. A trust is a non-probate asset that gives you wide discretion in how and when your assets are distributed once you are deceased or unable to make your own decisions.
The estate planning team at SSP can help you understand the purpose of trusts, why it may be a good fit for your estate plan and the different types of trusts. Click Here for more information about Trusts.
Financial Power of Attorney
A financial power of attorney is put in place so you can assign a trusted person to handle your finances and property should you become incapacitated and unable to do this on your own. Almost everyone can benefit from a durable power of attorney for finances. Not sure if you need a financial power of attorney? Don’t worry, we can help you with this decision.
Living Wills
A living will is one of two basic documents that allows you to state your wishes for medical care should you become unable to speak for yourself. In your living will, you specify what you want in terms of medical care. It spells out your health care preference. In this document, you may express whether you wish to be given life-sustaining treatments if you are terminally ill or injured, decide in advance whether you wish to be provided food and water via intravenous devices (“tube feeding”), and give other medical directions that impact your care, including the end of life.
Health Care Power of Attorney
Another document related to medical care is called a health care power of attorney. In this document, you name someone you trust to make health care decisions on your behalf and supervise your care.
Download our Six-Step Checklist for Estate Planning.
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