Planning Ahead
Estate planning keeps families from having disputes when a loved one passes away. It is important for a person of any age to have a plan in place. It could be simple for someone at 30 and more complicated such as a trust fund at a later age.
Here are the typical estate planning documents and issues to consider by age.
- Last will and testament. It’s the most important building block to estate planning. It should explain in detail what you want to happen to your property at the time of your death.
- Revocable living trust. Your trust formation document covers property funded into your trust. Your beneficiaries will avoid having to probate your estate.
- Durable power of attorney… You can appoint a person to be your attorney-in-fact – also called an agent-in-fact – to authorize your attorney-in-fact to handle financial transactions on your behalf.
- Advance health care directive (living will)… With this document you can appoint a proxy to act on your behalf when you are terminally ill.
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