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What Does An Estate Plan Encompass?

Everyone’s estate plan is a little bit different, and the word “estate plan” encompasses various legal instruments. However, a standard set of paperwork must accompany any estate plan. Here is an overview of the standard and optional estate planning paperwork that your Estate Planning Lawyer in Reno will include in your plan.

Crucial Records

  • Advanced Directive

One’s will is the most important part of any estate strategy. To name a guardian for your minor children and the beneficiaries of your estate, a Will is a legal document (if any). You will also name the individual who will act as your estate’s executor during the probate process.

  • Creating A Lasting Power Of Attorney

A durable power of attorney is the second essential component of any estate plan since it gives another person the authority to handle your financial and medical matters in the event of your incapacity. You can give this trusted individual (your “agent”) the authority to handle your financial matters by executing a durable power of attorney.

  • Informed Consent For Medical Treatment

Every estate plan should include a healthcare power of attorney as the third document. If you become incapable of making medical decisions for yourself, this document can be used to appoint a healthcare proxy. An end-of-life care declaration (or “living will”) is also included in this legal package.

  • Obtaining HIPAA Permission

Federal and state laws govern the amount of information your doctors can share with other parties. Signing a HIPAA authorization form allows your healthcare providers to share your protected health information with the parties you specify. Singles and those raising stepchildren should read this document carefully.

Additional Files

The following documents are available as part of our estate plans and may be included if they are deemed necessary for the particular client.

  • Permanent Trust

Regarding estate planning, living trusts are among the most common legal instruments. To be fair, living trusts aren’t covered because they aren’t appropriate for everyone. If you have real estate, several beneficiaries, and wish to protect their inheritance from waste, a living trust is a common component of an effective estate plan.

  • Agreement To Sell Real Property

We will also add a deed transferring property ownership into the trust if a living trust is part of your estate plan. Youcan transfer your home ownership to a trust to avoid probate when you die. It will not affect your mortgage or the value used to calculate your property taxes.

  • Designation Of Beneficiaries

Whether your estate plan involves a living trust or not, revising beneficiary designations on non-probate assets is essential. POD accounts in the bank, IRAs, 401(k)s, and life insurance policies all fall under this category. If you fail to update your beneficiary designations, it could have serious repercussions for your loved ones after your passing.

We will assist you in changing the beneficiary designations to your living trust if you have one. By doing so, your living trust will receive all your assets, regardless of whether they are subject to probate.

Conclusion

Attorneys offer affordable, all-inclusive estate plans that feature a will, a durable power of attorney for finances, and an advance health care directive. A living trust is also included if it is necessary. Depending on the specifics, more paperwork may be provided. Fill out the form for your free consultation today if you’re interested in learning more.

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