What Is An Estate Plan?
An estate plan is a set of legal documents created by a lawyer for a client in which the individual designates who should inherit their assets, how, and when. A typical estate plan will include at least three documents. First, an advanced directive that includes a living will and a designation of health care surrogate. Second, a durable general power of attorney. Third, a will. Some individuals have two other documents as part of their state plan. First, a revocable living trust, and second a beneficiary designation.
Do I Need to Be Wealthy to Have an Estate Plan?
An individual does not need to be wealthy to have an estate plan. Everyone should have an estate plan because we never know when we might become incapacitated. So, it’s not just about when we die. For instance, if I became incapacitated, who would make business and financial decisions for me? Who would make medical decisions and speak to the doctors? Those are very important decisions that have nothing to do with how wealthy I am.
What Is an Advanced Directive?
An advanced directive is a document in which an individual designates someone to make medical decisions for them if they’re unable. Everyone needs an advanced directive. This includes 2 components; first a designation of a health care surrogate and second, a living will.
What Is a Durable Power of Attorney?
A durable general power of attorney is a document in which an individual designates someone to make business and financial decisions for them, everyone should have a durable general power of attorney.
Call A Naples Estate Planning Lawyer
If you want to learn more about estate planning or have questions about creating an estate plan, contact Nici Law Firm. James R. Nici, an experienced Naples attorney with over 25 years of experience, can create an estate plan that fits your needs. Contact our office today at (239) 449-6150 or use our web form to set up a free consultation.