An estate plan is a set of legal documents that outlines the individual’s wishes regarding how the assets of the estate are divided and dispensed at the time of death or incapacity. Generally, an estate plan includes the following documents:
A properly executed estate plan allows you to do all of the following:
- A will
- A revocable trust
- A power of attorney
- A health care directive
These legal documents allow you to decide how you want your assets distributed, who will be in charge of ensuring that your estate plan is distributed according to your wishes, make end of life decisions, decide who will be responsible for you and your property in the event that you become incapacitated and avoid the probate process. Failing to plan your estate may mean that you lose control of how your assets are distributed. Upon your death, your estate will likely have to go through the probate process and could take a significant amount of time and money to have the court decide which of your loved ones receives your assets. Contact The Law Office of Joshua W. Centeno about preparing an estate plan today.