Estate planning can be a lot of different things. To make it easier to understand, in our law offices, we consider Estate Planning as the process in making sure you are W.E.L.L!
Wealth planning is creating a detailed road map that maximizes the transfer of your wealth while minimizing your tax obligations and minimizing your exposure to liabilities. This involves choosing the correct method for managing your wealth while you are alive, coordinating all methods of distributing your tangible and intangible assets after you are gone, and providing clear instructions for the transitions.
Estate Planning is the process we embark on together which results in a product, an Estate Plan, which is a detailed, organized, thoughtful plan for your things, your money, your loved ones, your future self, your stuff in the cloud, and your legacy. This is an explanation of documents included in an estate plan through the Law Offices of Naomi T. Stal.
Life Planning is planning for real transitions and real scenarios in your future. Some examples include planning for incapacity, planning for memory loss, planning business succession for retirement, planning the transition of a closely held business, and of course planning on how to deal with your online life such as your bank statements, online photos, online bill payments, and all the other aspects of your life in the cloud.
Legacy planning is planning for what you want the future to know about you beyond distribution of assets. It’s planning the legacy of who you are, what you are about, and how you want family, loved ones, and institutions to remember you.
This is a list of some of the main documents provided in estate plans we prepare.
- Revocable living trust
- Will or Pourover Will (for married couples each spouse has their own will)
- Health Care Power of Attorney (for a prolonged or terminal illness)
- Durable Power of Attorney (for Asset Management if you become disabled)
- Form Appointing Guardian Before the Need Arises (if applicable)
- Appointment of Guardian for Minor Children (if applicable)
- Digital Asset Authorization
- Digital Executor Instructions
- HIPPAA Authorization to Release Medical Information
Don’t feel overwhelmed, with our FREE worksheet, you will be able to start yourself and your family on the road to a clearer more secure future.