Estate planning is the process of arranging the transfer of a person’s assets, in the event that they become incapacitated, or the person passes away. This process is often done with the help of a lawyer, and includes aspects like creating an inventory of what you own or may owe, developing a plan that states what will happen to your assets after you pass, appoint beneficiaries, provide for your dependents, and of course, legally document your wishes.
What Assets Make Up My Estate?
Your ‘estate’ is made up of all the property you own. This can include:
- Houses
- Cars
- Clothing
- Land
- Jewelry
- Investments
- Retirement accounts
- Cash
- Savings
What is an Estate Plan?
There are 5 main components of an estate plan:
- Wills or Trusts. Both of these are legal documents that state where the distribution of your property or assets will go.
- Financial Power of Attorney (POA). A legal document that explains who will handle your financial affairs.
- Medical or Healthcare Power of Attorney (POA). This document designates who will make your healthcare decisions if you are unable to do so.
- Living Wills. This legal document gives you the opportunity to lay out your medical wishes or preferences.
- Beneficiary Designations. Your plan should also consist of who your beneficiaries are, and what they will be receiving responsibility for.
Work With a Lawyer to Create Your Simple Will
HHWA Member Resources provides legal assistance to members in creating their Simple Will for free. For more information or immediate assistance, tap below.
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