Estate planning basics can mean either the basic documents for an estate plan; the basic documents you need to gather up; or the basic concepts of estate planning.
Estate Planning Basics – Documents
- Last Will and Testament – gives the Judge a list and set of instructions for who gets what and how
- Revocable Living Trust – keeps inheritance private to those receiving the inheritance, avoids probate, and protects assets during a lifetime
- Durable Power of Attorney – says who can “step into your shoes” and take care of financial, legal, and personal affairs if a person can’t
- Healthcare Power of Attorney – says who can make healthcare decisions if a person can’t
- HIPAA Waiver (Protected Healthcare Information Release) – tells healthcare workers who they can share medical information with. Does not give permission for anybody to make healthcare decisions.
- Living Will (Dying with Dignity Document) – If a person is in a coma, permanent vegetative state, or the end is imminent and the doctors say there isn’t anything else to be done then this tells the healthcare professionals what measures you want done to keep you alive.
Documents to Gather
You may need to gather up some basic documents and information for your estate planning.
- Retirement account statements
- Social Security statements
- Pay stubs
- Cash accounts (checking and savings) statements
- Life insurance policies
- Annuity contracts
- Investment account statements
- Car titles, values, and payoff amounts
- Mortgages, current value, and payoff amount
- Planning is an ongoing process, not a one time event
- Planning protects people during their lifetime and beyond
- Planning protects family
- Planning avoids probate
As you can see, estate planning basics is a wide topic.
- Difference Between Will and Trust
- Estate Planning
- Estate Planning Checklist
- Estate Planning vs Will
- Estate Will
- How to do Estate Planning
- Is it Better to Have a Will or Trust?
- Planning a Will
- What are the Main Benefits of Estate Planning?
- What is a Will?
- What is an Estate Planning?
- What is the Difference Between Will and Estate Planning?
- Will and Estate Planning Near Me
- Will Estate Planning Checklist