The typical estate plan documents include The Last Will and Testament and Revocable Trusts. These are documents that state what are intentions are about assets. Estate plan documents also include a power of attorney and a living will. There are also a durable financial power of attorney. If you have ever heard someone say they are a “POA” that means they are a power of attorney for someone’s estate.
Financial power of attornehy can be used out of urgency or convenience whereas healthcare is specific. Another item that is usually contained in an estate plan is organ donation (donor registry form).
Some documents may be used while you’re alive while others come into play after you have passed away. Andrew has done several videos that go more in-depth about the specific documents and advanced directives.
You estate plan documents are there to protect you and your family. It’s important that you have these documents in place so that your family knows what your intentions are and they can be carried out with as little stress as possible.
If you don’t have estate planning documents in place, your state’s laws will determine how your assets are distributed upon your death. This is called “intestate succession” and it may not be how you would have wanted your assets to be divided.
For example, if you are married and you die without a will, your spouse will inherit all of your assets. If you have children, they will split your estate evenly. However, if you want certain assets to go to specific people: a will is important.
It is not as expensive as you may think to properly plan your estate. Estate plan provides peace of mind for you and your loved ones in the event of illness and death. If you don’t have estate planning documents in place, now is the time to get started.
Akron, Hudson, Fairlawn, Green, and other Northeast Ohio residents should contact Andrew Pfieffer today to plan their estate. It is especially important for young couples with children to have these documents in place and more.
Visit https://aolaw.biz/wills/ for more information.