Effective estate planning is designed to help you manage and preserve your assets while you're alive, and to conserve and control their distribution after your death.
Your age, health, wealth, lifestyle, life stage, goals and many other factors determine your particular estate planning needs.
The fundamental elements of an estate plan include:
- Will: Specifies the method for management and distribution of your assets after your death.
- Power of Attorney: Authorizes another person to act in legal or financial matters on your behalf.
- Living Will: Details wishes for medical treatment when you're no longer able to express informed consent.
- Trust: Defines how money and property will be handled for children and other beneficiaries; managed by a trustee.
A good plan can relieve your family of burdens, reduce family conflicts and prevent your heirs' assets from being mismanaged. It can also help you avoid probate court, prevent court conservatorship and minimize estate taxes.
Through our partnership with Members Trust Company, they can work with you and your attorney to help you set up a comprehensive legal plan, including wills, living trusts, durable power of attorney and advance medical directives.