Basic Estate Planning Package:
1. Revocable Living Trust; Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes.
2. Short-form Trust Agreement; The Short-from document is used by the trustor to fund the Trust with financial accounts such as checking, savings, and brokerage accounts.
3. Last Will and Testament; This is a legally enforceable declaration of how a person wants his property or assets to be distributed after death. However, a Will will not avoid the Probate process.
4. General durable power of attorney (POA); This document can give your agent the power to transact real estate, enter into financial transactions and make other legal decisions literally as if he or she was you. This type of POA is revocable by the principal at a time of his or her choosing, typically a time when the principal is deemed to be physically able, deemed mentally competent or upon death.
5. Power of attorney for health-care decisions and living will; By drafting a healthcare power of attorney, you can designate another individual (typically a spouse or family member) to make important healthcare decisions on your behalf in the event of incapacity.
6. Assignment of tangible personal property to your trust;
7. Funding Guide; A step-by-step guide on how to fund your trust;
8. Estate Settlement Handbook; A step-by-step guide on how to settle your estate.