If you do not have an estate plan yet you are probably wondering what will be included in the plan. When many people think of an estate plan they think of a will. Although a will is an important part of an estate plan, it is not the only thing. Here are some things that will be included in your estate plan.
1. Trust Accounts
One of the first things the attorney will do when you come in to organize your estate is open trust accounts. Depending on the nature of your wealth and estate, you could have just one account, or you could have multiple accounts. Trust accounts are the ideal way to house money. They are more private, since they do not have to be probated, so they stay off the public record. You have more control with a trust account, and it is a good way to protect your money from excessive taxing.
With a trust you get to create all of the stipulations of how the trust is used. You can say that the money is only used for living expenses, like education and debt repayment, or that your child can only get a certain amount each year, rather than all at once, and a myriad of other things. Attorneys will tell you that a trust is the best way to house your money in the majority of situations.
2. Pour-Over Will
You will have a will as part of your estate, but it will be called a pour-over will. In this will, you state who you want to care for your minor children if that is applicable, and can give special instructions about the estate. Then everything else that is put in the will automatically pours into the trust. This way any loose ends that don't get put into the trust initially will still be there when all is said and done.
3. Power Of Attorney Documents
Lastly, you will go through power of attorney documents. This is where you give someone power of your decisions if you are not able to. You will choose someone to make financial, legal, and medical decisions for you. It can all be the same person, or it can be three different individuals. By having these documents you can have peace of mind knowing that if something were to happen someone who shares your same beliefs and ideals would be making important decisions for you.
These are the three most important documents you will get when you go to a probate lawyer.
