Components of a Good Estate Plan
An extensive estate plan need to be designed to prevent probate, save money on estate taxes, designate somebody to act for you if you end up being handicapped, and protect possessions if you require to move into an assisted living home.
A will is just one aspect of a complete estate plan. All estate plans must also consist of a long lasting power of attorney. A trust is useful to avoid probate and manage your estate during your life and after. Medical directives and recipient designations are supplements you need to consider.
Power of Attorney
Specific trusts can help donors receive Medicaid, result in tax benefits both for the donor and the recipient, or be used to secure property from financial institutions.
These documents designate someone you choose to make health care choices for you if you are not able to do so, and instruct your health care company to withdraw life support if you are terminally ill or in a vegetative state.