When you leave your Estate Planning meeting with an attorney you will have 3 documents. Two of them will be immediately active. The forms are Durable Power of Attorney, and your Living Will: Healthcare Power of Attorney. You will also have a Last Will and Testament, also referred to as your “will.” This document will manage your estate after you die.
Durable Living Power of Attorney
While preparing for your Durable Power of Attorney you will want to think about:
- Who do you want managing your financial affairs after you die (i.e. bills, taxes) or if you are unable to manage them yourself. This should be at least one person that you trust with your financial information, and is good with money, that can help you make these financial decisions.
- You will need to bring their name, address, and phone number to the meeting.
Living Will: Healthcare Power of Attorney
- Most of this is based on statues, and you will take care of everything when you go to sign the documents. This person will have access to my medical records.
- You will need to bring their name, address, and phone number to the meeting.
- It is also helpful to have an alternate person to name if the original person is unable or unwilling
Both of these documents are for when you are still alive. You can get these taken care of at your meeting with the attorney.
The Last Will and Testament
We all will die, so it’s important to have a Last Will and Testament, which clearly states how your want your estate to be distributed after you are deceased. Here’s what you need to bring to the appointment to prepare for setting up your Last Will and Testament:
- Name of who you are choosing to be your personal representative: who will follow the will and distribute things the way you desire
- Think about who do you want to leave your inheritance to: children, grandchildren, organizations, friends, or other family.
There are also tips on how to leave money to children under 18 before they become adults. We will discuss this in another video/blog. We hope this has been helpful.
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