Basic Tools Needed
Planning to protect those you love
What Are the Basic Tools Needed for My Estate Plan?
At a minimum, you should consider the following documents:
- Will (formally called “Last Will and Testament”)
- Durable Power of Attorney for Finances
- Living Will
- Durable Power of Attorney for Healthcare Decisions
- Living Trust (an option, depending on your circumstances)
What Is a Will?
A Will is a written document with instructions for disposing of your assets at death. It is the basic tool of any estate plan.
Three reasons to have a current Will:
- To name your spouse, children, or other family members as beneficiaries of your estate.
- To appoint a guardian for your minor children and a conservator of your children’s property. If you do not appoint someone, the court will!
- To provide for your favorite charities, like Bethany Christian Services, through a bequest.
What Is a Living Will?
A Living Will is a legal document that allows you to define the medical care you want to receive at the end of your life. You choose whether you wish to receive life-sustaining treatment under specific circumstances.
What Is a Durable Power of Attorney for Healthcare Decisions?
With this document, you appoint a trusted “agent” to make your healthcare decisions for you when you are unable to communicate your wishes.
What Is a Durable Power of Attorney for Finances?
A Durable Power of Attorney for Finances is a legal document in which you designate another person to act for you if you are unable to act for yourself with regard to finances. A trusted person, or “agent,” can be given broad powers or specific powers to act in your best interest should you become incapacitated.
What Is a Living Trust?
A Living Trust is a legal document designed to hold title to your assets during your lifetime. The Trust becomes active when you fund it by transferring the title of your assets to the Trust. It can be amended at any time. A Living Trust should be integrated with your entire estate plan. It does not replace a Will; in fact, a Will is part of an estate plan that may also include a Living Trust. A qualified estate planning attorney will advise you about the need for a Living Trust based upon your circumstances.
What’s the Next Step?
Complete the
Estate Planning Worksheets. Bethany’s Director of Planned Giving is delighted to assist you in completing these documents in preparation for visiting an attorney.
Always seek the advice and services of qualified legal counsel
to properly prepare your Will.
Bethany’s Office of Planned Giving can assist you in preparing for your visit with an
attorney and help you identify a qualified, local, Christian attorney who will help you.
Bethany suggests that you consult an attorney who specializes in estate planning.