One of the main purposes of an estate plan is to determine how your assets are distributed following death.
Estate Plan Documents
• Will or Trust
• Durable Power of Attorney: allows the person you have named, (your agent), to step in and deal with your financial affairs in the event that you are unable to handle things yourself
• Healthcare Power of Attorney: appoints another adult to act for you and make medical decisions if, and only if, you are unable to communicate or make decisions yourself.
• Mental Health Power of Attorney: allows someone to participate in making mental health care decisions for you without having to go to court to get a mental health guardianship. ONLY effective regarding mental health issues.
• Living Will: legal document about your health care preferences when you are incapable or unable to make health care decisions
• Nomination of Guardianship: Request of who you would like the court to appoint as guardian of minor children
• Nomination of Conservatorship: Request of who you would like the court to appoint as conservator of minor children. A conservator maintains and handles minor child’s finances and accounts.
• Beneficiary Deed of Property
Probate: Court procedure to determine validity of will, collection of assets, pay creditors, and distribute assets according to the will or law, if there is no will.