What types of documents can make up an estate plan?
• Last Will and Testament • Durable General Power of Attorney • Health Care Power of Attorney • Living Will Declaration • Trust • Deed What is a Will? A will is a document that provides for the way in which a person’s probate property will be distributed upon death. Probate property is property that is only in one individual’s name and will not pass by title or contract to others. Why should I have a Will? There are a number of important reasons for preparing a Will: • Appoint an executor and successor executor. • Appoint guardians for minor children and adult children who are legally incompetent and successor guardians. • Appoint guardians for property management (need not be same individuals as guardians of persons). • Provide for property distribution. • Provide for a trust or life estate. • Plan for payment of debts. • Provide a waiver of the Executor posting bond. • Designate order of death for the purpose of distribution of property in the event of simultaneous death of parties.
