The Elements of a Typical Estate Plan

This week we will explain the elements of a typical estate plan for a married couple with assets below $2 million dollars.  Such an estate plan will contain the following documents:

• Joint Revocable Trust:  Primary estate plan document, which sets forth inheritance wishes, provides for disability, and establishes successor trusts for children.
• Pour Over Will:  Safety net document, which provides that any assets not transferred to trust during lifetime will be dealt with according to the terms of the trust; also provides for guardianship of minor children.
• Financial Power of Attorney:  Allows your spouse (and successor agents) to execute financial transactions on your behalf.  
• Health Care Power of Attorney: Designates an individual to make medical decisions on your behalf in the event of incapacity.
• Living Will:  States your wishes in the event that you are incapacitated and death is imminent except for delaying procedures.