It’s planning ahead for:
-
Who should make decisions for your finances and health care if you can’t make those decisions yourself;
-
Deciding who should distribute your assets when you are gone; and
-
Deciding who receives your assets and how they receive them.
If you don’t make your own plan, you are on the default plan the government has set up for you - Conservatorship/Guardianship Court and possibly Probate Court. The default plan is public, expensive, lengthy and takes decisions out of your hands. You can avoid the default plan by doing your own estate plan with Living Trustify!
A trust based estate plan consists of the following documents:
-
A revocable living trust
-
A will (often called a pour-over will)
-
A durable power of attorney
-
An advance health care directive and HIPAA authorization
-
A nomination of guardian for minor children
Estate planning also includes carefully considering assets that pass by beneficiary designation, such as life insurance and retirement accounts.
No, you also need a Power of Attorney and Advance Health Care Directive. With these, you can make sure that someone can manage finances outside of your trust as well as make health care decisions for you.
A special needs trust allows you to leave assets to a disabled individual without having those assets disqualify them for needs based public benefits they may be receiving such as Medicaid and SSI (Supplemental Security Income). With LivingTrustify, the special needs trust is built within the distribution section of your living trust or will.