Various legal instruments fall under the umbrella phrase “estate plan,” and each individual has a slightly unique estate plan. However, there is a standard set of paperwork that must accompany any estate plan. Below is an overview of the estate planning documents that are standard in all of our plans, as well as some optional documents that you may want to think about adding to your own plan.
You should speak with an experienced Reno Estate Planning Attorney in handling such cases if you have specific questions about your situation.
Required Source Material
- A Last Will and Testament
The will is the most important part of any estate strategy (officially called a Last Will and Testament). If you have minor children, your Will should choose a guardian to take care of them and specify who will inherit your property (if any). Furthermore, it names the individual who will act as your estate’s executor during the probate process.
- Legal Document Is a Lasting Power of Attorney
An estate plan should also include a durable power of attorney that appoints someone trustworthy to make decisions on your behalf in the event that you become incapable. Your trustworthy friend or family member (your “agent”) will now be able to handle your financial matters thanks to the durable power of attorney.
- Medical Power of Attorney
If you become unable to make decisions regarding your medical care, this paper can be used to appoint a healthcare proxy. Additionally, a statement of your end-of-treatment wishes (a “living will”) is included in this document.
- An authorized HIPAA release form
In accordance with federal and state regulations, medical professionals are restricted in the amount of information they are allowed to share about their patients. HIPAA authorizations allow your healthcare providers to share your health information with the individuals you designate. Those who are single or who have stepchildren should read this document carefully.
Additional Files:
The following documents may also be included in the estate plans, depending on the specifics of each case.
1: Establishing a Living Trust
A living trust is a common tool for people to use when preparing an estate plan. On the other hand, living trusts are not featured because they aren’t suitable for everyone. If you own real estate, have several beneficiaries, and wish to protect their inheritance from waste, a living trust is a common component of an effective estate plan.
