Also, a Gentreo Health Care Proxy allows you to make decisions about what life sustaining treatment you may want, similar to what is addressed in a Living Will. Health Care Proxy – You choose a person to make health care decisions on your behalf if you become incapacitated.This usually helps avoid probate, saving time and money. Trust – Names a person you choose, known as the trustee, to hold your assets on behalf of beneficiaries.It also names the executor – the person you choose to carry out the Will and pay off final debts.
Will – Also known as a Last Will and Testament, lists beneficiaries that you want to receive your assets and property when you pass and ensures your wishes are carried out.These legal documents spell out your wishes and what to do with your assets when you pass or have someone make decisions for you if you cannot. Parts of an Estate PlanĪ Will, Trust, Health Care Proxy, and Power of Attorney are part of an estate plan. In order to protect it, you should have an Estate Plan. If you own a home – regardless of size – a car, property, bank accounts, and investments, you have an estate. Most people think owning an estate refers to a mansion or a vast amount of wealth. In fact, when it can be done as simply as having a couple of direct conversations, making some decisions and filling out a few forms, there’s no reason not to get started. The big takeaway here is, it’s not too late, and it’s never too early to start planning for your estate. Remember this individual has a lot of responsibilities, but the biggest one is carrying out your wishes. Who do you trust? Look for someone that has proven responsibility, financially as well as otherwise. Choosing the right personal representative isn’t that hard. Speaking of which, it may be useful to start thinking of someone you may want to carry out, or execute your estate plan. Choose your personal representative (executor).If that should happen, the personal representative (also known as an executor) you named in your Will would take over and disperse your estate according to your direction (your Power of Attorney and the executor of your estate may be the same person). It’s important to note that a Power of Attorney does not continue after you die. Should unforeseen circumstances render you unable to dictate control over your finances, a Power of Attorney establishes the ability for a pre-appointed person to act on your behalf. Tools like Gentreo provide instant access to forms, collaborative platforms, and secure storage. Many people put off creating a Will because they think it may be too expensive, but estate planning isn’t just for the rich, it’s necessary protection for everyone that owns anything. Even an outdated Will is better than no Will at all. There are a few very important bases to cover so let’s look at the big ones: So, just where should you start? As it is concerned with every single aspect of a person’s wealth, estate planning covers everything from life insurance to Living Wills, Trusts, 401Ks, and the list goes on.
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