What documents are needed for estate planning?
Anyone who does not have a will is considered to be “intestate,” which in legal terms means that their estate is subject to rules established by the state in which they live. If you die intestate, your estate will be distributed according to the laws of your state. In some states, spouses and children are entitled to some of your assets.
The following documents are needed for estate planning:
-Will: This document names an executor (person appointed to administer an estate) and lists how you want your property divided.
-Durable power of attorney: This gives someone the right to act on your behalf concerning financial and other matters while you are living. (This document also allows the person authorized by it to make health care decisions if you become incapacitated.)
-Living will: This document lets doctors know what measures should be taken if you are terminally ill or permanently unconscious.
When it comes to estate planning, there are a few documents that you'll definitely want to have. The first is a will, also called a last will and testament. This is a legal document that dictates what will happen with your assets after you've passed away. You can dictate in the will who will receive your properties and any money you may leave behind. A separate document is often used for this purpose: the trust. This is a contract between yourself, the benefactor of the trust, and whoever or whatever entity you wish to benefit from the trust. In many cases, it can be used to manage property for minors or people with disabilities, or it can be set up as a way to give money to charity after your death.
If you need an Estate Planning Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
