Like many people in your situation, you may be concerned with organizing and planning your affairs so that your family is not confused and burdened when dealing with your incapacity or death. Avoiding taxes and probate are other concerns. Having an estate plan in place is essential.

Documents typically included in the estate plan are:

Will - Directs who is to receive your property, names your Executor, avoids the cost of an Executors bond, and helps reduce the expenses of probate administration.

Trust - Reduces or eliminates estate taxes, avoids probate, controls the timing and purpose of distributions, to minors and others, provides for persons with disabilities, names someone you trust to manage your assets in the event of your incapacity or death, allows for ease of estate administration, maximizes your privacy, and avoids probate proceedings in multiple states if real estate is owned in different states.

Durable General Power of Attorney - Names someone you trust to manage your financial and legal affairs if you become incapacitated and names someone to be your guardian if you should ever need one.

Power of Attorney for Health Care, Living Will, and HIPAA Release - Specifies your wishes regarding life sustaining medical treatment in certain circumstances and authorizes family members or others to obtain medical information if needed.

Beneficiary designation forms - Identifies the beneficiaries of your retirement accounts and life insurance policies.

Complete Asset List - Guides whomever will take over your affairs because of death or disability.

click here to go to the Estate Plan Worksheet