The Key Deliverables in Our Process for Creating Your Estate Plan
A complete estate plan package from Generations Legal Services is a comprehensive collection of documents and instructions designed to ensure that all aspects of your estate are managed according to your wishes. This package typically includes essential legal documents such as your will and any trusts you have established. The will specifies how your assets will be distributed after your death and appointed guardians for any minor children. Trust documents provide detailed instructions on how your assets should be managed and distributed, often allowing for more control over the timing and manner of distributions compared to a will alone. These documents form the cornerstone of your estate plan, outlining the fundamental elements of your asset distribution and management.
In addition to the will and trusts, a complete estate plan package includes a power of attorney. This document designates a trusted individual to manage your financial affairs if you become incapacitated. It grants your chosen agent the authority to handle transactions, manage your investments, pay bills, and make other financial decisions on your behalf. Alongside the power of attorney, healthcare directives are also included. These directives, such as a living will and healthcare proxy, provide clear instructions regarding your medical care preferences and designate a person to make healthcare decisions for you if you cannot do so yourself. These documents ensure that your financial and medical needs are handled according to your wishes.
Another crucial component of a Complete Estate Plan Package includes trust funding instructions. These documents ensure that all your financial accounts, insurance policies, and retirement plans have up-to-date beneficiary designations that match your overall estate planning goals. Also, instructions for aligning your assets with your estate plan are provided, detailing how to properly title assets and update ownership records. This alignment is critical to avoid probate, minimize taxes, and ensure that your assets are distributed efficiently and according to your intentions.
Finally, the package often contains supplementary documents and information to facilitate the execution and maintenance of your estate plan. This may include a letter of intent, which provides additional guidance to your executor and beneficiaries about your personal wishes and instructions that might not be covered by the formal legal documents. It also includes contact information for your estate planning attorney, financial advisor, and other professionals involved in your plan.