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In Case I Die - What Legal Documents should I have prepared?

In Case I Die - What Legal Documents should I have prepared?

September 27, 2022
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WHAT LEGAL DOCUMENTS SHOULD I HAVE PREPARED?

  • Will or trust. 
    • Please be sure that you understand what you are signing and why.  This isn’t a cookie-cutter decision! There are a lot of Medicaid-avoidance trusts being written that are ill-advised and potentially unnecessary.  Utilize your entire financial team to help make these decisions.
  • Durable power of attorney. 
    • This lets someone you trust make business and financial decisions for you, should you become incapacitated.
  • Beneficiary designations. 
    • These tell the asset holder who should become the new owner in the case of your death.
  • Letter of intent. 
    • This can be written to your executor, guardian, or family members, helping them understand your wishes.
  • Healthcare power of attorney. 
    • This lets someone make medical decisions for you, in the event that you cannot.
  • Guardianship designations. 
    • This is part of a typical will and it determines who will provide care and support to your minor children or wards.
  • Living will.
    • A living will is a document that lets people state their wishes for end-of-life medical care, in case they become unable to communicate their decisions.