The key to an effective estate plan, not surprisingly, is planning ahead. Armed with these four basic resources and documents, you will be well prepared to navigate life's inevitable twists and turns.
A professional advisor: Investing in the services of an estate planning attorney or financial planner will save you immeasurable heartache and expense later. Everyone should have a chosen advisor. His or her experiences with estates of all sizes can prove invaluable as you make crucial decisions.
A will: This document ensures that your wishes are carried out at your death—that your family, friends and favorite organizations receive the consideration you intended.
A durable power of attorney: If you should lapse into incompetence, this document provides another person with the legal right to make financial decisions on your behalf. Structured in many ways, this document is often used to ensure that your business, financial and other important affairs continue in your best interest.
A health care proxy: This document names someone to make health care decisions on your behalf in the event you are incapacitated.
Seeking professional advice and looking at all your options can lead to a tax-wise estate plan that gives you the comfort of knowing that your assets will benefit those you leave behind. Feel free to call us with questions.
Please call Philip F. McKean, PhD, CFRE at 207-594-6717, or e-mail us at pmckean@penbayhealthcare.org, for more information.
The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.
