Seven Elements of an Estate Plan
Yuma, Arizona attorney Larry Deason identifies seven important elements of an Estate Plan in this article. The article is brief and easily understandable.
The seven points he makes are:
- Health care power of attorney with a living will so your appointed agents can care for you to avoid costly guardianship.
- HIPPA authority so that your loved ones can have access to your confidential medical information.
- Durable financial power of attorney so your appointed agents can care for your money and assets to avoid costly conservatorship.
- Revocable living trust to avoid costly living probate (conservatorship) and death probate.
- Pour over will so anything not in the living trust is added upon death.
- Funeral trust to protect money from creditors and Medicaid to ensure your family does not bear the burden of your funeral.
- Completed legacy estate plan distributing the personal items (like grandmother's ring or grandfather's watch) that most frequently cause family fights.
I agree with each of these points. However, a revocable living trust is not necessary for many situations. In a modest estate, a will and proper advance planning is sufficient.
