When you begin to think about legacy estate planning, you are likely to consider what will happen to you when you die, where your assets will go, and your end of life plans. However, legacy estate planning is much more than what happens after death, it also includes living NOW, in the future and the time before your end of life. In a recent webinar, financial expert and New York Times best selling author Suze Orman discusses the consequences and importance of assuming you’re protected when you’re not. Included in this discussion are four important documents that everyone should have in place. We’ve broken them down below:
1. A Will. Simply put, a will is where your assets will go when you die. Whether you have a home, valuables, automobiles, financial assets, or even children and pets, a will allows you to spell out where each piece of your life will be assigned should something happen to you.
2. A Living Revocable Trust. This is a document that allows you to place any of your assets into a trust so they can be easily transferred to your beneficiaries. As the name states, a “living” revocable trust can be change, amended, or retracted as needed while you are living.
3. Advanced Directive & Durable Power of Attorney for Healthcare. A healthcare power of attorney names a person or people that you give permission to make healthcare decisions on your behalf should you be unable to make those decisions yourself.
4. Financial Power of Attorney. Unlike a general power of attorney which gives an individual legal authority to act on your behalf, a financial power of attorney authorizes a named individual to make financial decision on your behalf.
Your Legacy Estate Documents & Plan All in One.
While there are thousands of resources, articles, and podcasts regarding legacy estate planning, experience matters. Many individuals are overwhelmed with the thought of getting started and don’t know where to even begin. That’s why The Guardian’s Gift was created – to simplify the legacy estate process and provide a step-by-step guide to create a comprehensive legacy estate plan. When completed, not only will your wishes be recorded, important records, pin numbers, and even your digital footprint laid out, but also important legal documents like those listed above will be included as well.
No matter what stage of life you are in, make sure that you don’t make the important mistake of assuming you’re protected. Find out more about your options today or contact us to get started!
