Your Estate Planning Summary

Here is a summary of what your Estate Plan does to save you time and money. It will help you organize your thoughts for when you meet your lawyer.

Let’s look at the essential documents you’ll need:

1. Will

•  Names an executor and backup executor

•  Names beneficiaries of gifts and allows for tax planning

•  Appoints trustee to hold gifts in trust

•  Appoints guardians to care for underage children

2. Power of Attorney for Property or Finances

•  Names someone as a financial attorney

•  Specifies conditions and/or restrictions on your attorney

•  Is effective while you are alive

•  Usually states it is valid if you are incapable (durable)

3. Power of Attorney for Personal or Medical Care

•  Also called health or medical care attorney proxies

•  Authorizes health and personal-care decision makers

•  May include attachments regarding your medical directives or treatment optionsŸ

•  Valid only if you cannot make your own decisions

For more on easy-to-use estate planning tips, read my book Estate to the Heart.