Organizing Your Estate Plan
April 22, 2011
Gina M. Barry, Esq.
As you complete your Spring cleaning this year, one of the most important things you can organize is your estate plan. If your estate plan is organized, your affairs can be handled efficiently and effectively. Conversely, if your affairs have not been organized, your family members will shoulder that responsibility should you become incapacitated or pass away.
First and foremost, it is important to have an estate plan consisting, at a minimum, of a Will, Health Care Proxy and Durable Power of Attorney. In addition, if you are a home owner, you should also have a Homstead Declaration, which can protect the equity in your property. A more sophisticated plan, involving one or more Trusts, may be in order if circumstances warrant having a Trust, such as having property in more than one state or having beneficiaries who cannot receive an inheritance outright.
By making a Will, you express your wishes as to how your estate should be distributed. In addition, you will name your Executor, who will be responsible for carrying out your estate. This often eliminates fighting among family members as they are inclined to honor your wishes. A properly drafted Will also saves time and money during the probate process.
A Health Care Proxy is a document in which you designate someone to make your health care decisions if you are unable to make them for yourself. Similarly, a Durable Power of Attorney...
You may read more at the link below.
by: Gina M. Barry
Prime
April 2011
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