St George News discusses the peace of mind that comes from having planned your future. The common elements of an estate plan include:
- Revocable trust – Otherwise known as a “living trust.” While not appropriate for all situations, it keeps the estate private, protects against incapacity and helps to avoid probate. You also get to see how it works while still alive. For people that own a home, Brande said it is really crucial.
- Pour-over will – A will can nominate guardians, appoint executors, include burial instructions and ensure that everything in the estate will go into a trust at the time of death to be dealt with according to documents.
- Durable power of attorney – Used in the event of incapacity, this allows an agent to take necessary steps to place assets in a trust that may have been excluded.
- Health care directive – This grants an agent the authority to act on your behalf and make medical decisions. Without this directive, physicians will consult the spouse or next of kin, and that can make any situation more complicated, Brande said, especially when there are many loved ones who all feel like they know what is best. In end-of-life situations, it will also direct providers when you want life-sustaining care to be withheld.