End of Year Estates and Trusts Planning

Dec 15, 2022 | Estate Planning, Financial, Trust

End-of-Year Estates and Trusts Planning:

Keep it Simple and Get it Done!


As 2022 comes to a close, ask:

Have you set forth a cogent estate plan to protect your family and your estate?


With the help of an experienced attorney, create or compile these basic documents to give yourself peace of mind as you head into the new year

1. Last Will and Testament. This is the foundation of your estate plan. Your will sets forth your final wishes and directions about the disposition of your assets. It may also provide for the care of minor children or other dependents.

2. Designation of Beneficiaries. Through these designations, you will distribute any assets governed by contract, such as life insurance or an investment portfolio. Beneficiary designations supersede designations set forth in a will if the two instruments conflict.

3. Revocable Living Trust. As a testator, you can set up a trust in which funds shall be used to your benefit in your lifetime. You can name anyone you like as the trustee, including yourself. You may name a co-trustee to take over if and when you become incapacitated. You may name yourself as the beneficiary, or you may name others as beneficiaries or co-beneficiaries.

4. Advance Healthcare Directive. Also called a Living Will, this document acts to communicate your last wishes about your medical care should you become unable to do so yourself due to permanent incapacitation or a terminal condition.

5. Power of Attorney. This document allows you to choose now who you want to appoint to manage your personal, property, or financial affairs should you become unable to do so. POAs typically go into effect once a person becomes incompetent to severe due to illness, disability, or impending death.


Need Help? Make it easy on yourself and call a professional Estates & Trusts Attorney at 609-409-3500.

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