An estate plan offers peace of mind in how your personal belongings and real estate pass to your loved ones in the way you intend, and consists of legal documents created to accommodate your needs, based upon your individual, family, and financial situation.
A foundational estate plan often includes a will, health care proxy, and power of attorney. It may also contain a revocable or irrevocable trust, allowing your assets to pass to your heirs without involving the courts, which can be time-consuming and expensive. It also provides instructions regardless of whether you are still alive, become mentally incapacitated, and after you pass.
Designating a trusted person to act as your health care agent by signing a health care proxy becomes your voice when you don’t have one. Your health care proxy allows you to preplan decisions, such as refraining from receiving medical life-saving measures should you be in a vegetative state. Your health care proxy can also designate someone to serve as your guardian or conservator should a court determine that you are mentally incapacitated.
In a will-based estate, instructions can be provided regarding distribution of your property. If you have minor children, you may designate a legal guardian in the event of a tragedy. In a trust-based estate, your trust is the primary document governing the distribution of your estate.
Executing a power of attorney enables you to select a person as your financial agent to pay your bills, collect your income, file your taxes, manage your assets, and transfer your funds into a revocable trust prior to the trust being fully funded should you become mentally incapacitated.
Let your wishes be known. Call 716-631-5767 to ask about the Stamm Basic Three™ today!
