![]() ![]() It’s typically intended to allow someone to act should you become incapacitated, or if you are traveling or otherwise are unavailable to act yourself. The probate process is public, differing from the private nature of trusts.Ī power of attorney gives the person you name – your “attorney-in-fact” – the right to sign documents on your behalf, most often for financial purposes. In many states, the probate process can be expensive, time consuming, or both. Another benefit of creating and funding a revocable trust during your lifetime is that it avoids probate – the process by which your executors submit your Will to court so that your assets can be transferred to your beneficiaries. Some people use a funded revocable trust to ensure that someone (a trustee) can act on their behalf should they be unable to do so themselves. These include an executor or personal representative to carry out the instructions in your will, and a trustee or trustees to manage any trusts you might create under your will. You can also name fiduciaries to act on your behalf after your death. Importantly, if you have minor children, your will is the only document in which you can name guardians for them in case anything were to happen to you and your spouse. Your will primarily controls who will receive your assets upon your death and under what conditions These could include certain age considerations, milestones, specific purposes and more. What are the basic estate planning documents?įor many high-net-worth individuals, the standard estate planning package may also include an irrevocable life insurance trust. Here is what to think about before seeing your lawyer that can make your conversations more productive. But even with a solid plan in place, it’s important to check in every so often to ensure that your plan and documents continue to reflect your wishes – especially if your family and financial circumstances have changed. ![]() Planning for your estate is an important part of a successful financial strategy. ![]()
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