Tools You Need
Billions of dollars in assets are going into probate every year because people haven’t planned properly and unfortunately, that number is increasing. We give people peace of mind by helping them protect themselves, their family, and their assets. We use tools like wills, powers of attorney, and trusts to do a number of things:
1. Make provisions if a person becomes incapacitated
2. Provide financial security for someone’s family
3. Minimize taxes, expenses, and court delays
All of these things, when taken together, wrap a layer of protection around individuals
and families. And they are able to preserve wealth and assets for generations to
come. We cannot emphasize the importance of being proactive in managing your
estate to protect your assets and to ensure that your wishes are exercised relative
to your well being. The following basic estate planning tools are recommended.
Basic Estate Planning Tools
1. Last Will and Testament
2. Advance Directive/Living Will
3. Durable Power of Attorney for Property
4. Power of Attorney for Healthcare
What is the purpose of these documents? Why are they so important? An explanation of each is given below.
Last Will and Testament: After A Person's Death
Your Last Will and Testament is the vehicle that usually collects instructions to distribute property and belongings.
Living Will or Advance Directive: During a Person's Lifetime
A Living Will or Advance Directive directs family members and physicians to withhold or withdraw life-sustaining or death-delaying procedures (such as ventilators and respirators, etc.) and permit the Declarant (i.e., the person signing the Living Will) to die in the event of certain conditions.
Durable Power of Attorney for Property
The Durable Power of Attorney for Property authorizes another person to serve as agent for the Principal (i.e., the person signing the Power of Attorney) to make decisions and take actions concerning the Principal's financial matters.
Durable Power of Attorney for Healthcare
The Durable Power of Attorney for Healthcare is broader than a Living Will and supersedes the Living Will as long as an agent authorized to act under the Healthcare Power is alive, competent and willing to act. Normally, it is suggested that both a Living Will and a Durable Power of Attorney for Healthcare be executed so that, in the event the agent named in the Durable Power of Attorney for Healthcare is unable or unwilling to serve, the Living Will will provide direction should the Declarant/Principal be in a condition addressed by the Living Will.
The Wealth Counselor LLC is ready to work with you to develop these precious documents. You and your family deserve to keep what you've worked hard to get. Don't wait until it's too late. Contact the Wealth Counselor LLC today to complete the tools you need to wrap you and your family in a web of protection.
Contact The Wealth Counselor
The Wealth Counselor LLC
1325 G Street, NW, Suite 500
Washington, DC 20005