Don’t be Caught Dead Without These Documents!
Estate planning is complicated and many people are uncomfortable talking about their own mortality. Others are concerned about the cost of a good estate plan. As a result, lots of people depart for the hereafter without having planned for the here and now!
Good planning is not as expensive as people think. Modern estate planners produce a number of critical documents for one flat fee. Don’t be caught dead without these essential documents:
- Will – Requires probate, numerous court actions and a judge’s approval to act. Identifies beneficiaries. Nominates the executor for estate settlement.
- Durable Power of Attorney – Delegates financial decisions to an agent, even if the principal is incapacitated. In some cases, the power “springs” into being upon incapacity. Powers cease at the death of the principal. No court needed.
- Revocable Living Trust - Transfers assets and financial management to a trustee (usually the principal until incapacity). Trusts continue through incapacity, handle the final affairs of a decedent and often continue beyond the death of the principal for the longer term benefit of family or charities like the Library Foundation. Private. No court needed.
- Power of Attorney for Health Care – Identifies an individual to make medical decisions when one is unconscious or incapacitated. No court needed.
- Living Will – Provides guidelines for end of life decisions for the terminally ill, such as whether feeding tubes or ventilators should be used to prolong life. A helpful guide but not legally binding.
- Do Not Resuscitate Order (DNR) – Specifically requests resuscitation not be used if one’s heart or breathing stops.
We can help point you the right way on these essential documents. Let’s visit about your final planning. Provided in partnership with the Trust team at CoreFirst Bank & Trust.
Download a copy of our estate planning guide to begin getting your documents in order.
You can also visit our Planned Giving Pages to learn more.
