An estate plan streamlines succession when you are no longer there, securing your family and financial objectives. To do this, proper estate planning involves several elements. Fundamentally, an estate plan includes a will, which is a document with legal authority to dictate how your wealth and assets are to be distributed to named beneficiaries. Young families will also be able to appoint a guardian for their minor children and avoid a potential troubling and expensive discussion of where those children reside. An estate plan by Randall S. Boyd will help you plan the future of your family and business while you are alive.
A second important component of estate planning is a Durable Power of Attorney. Having a Durable Power of Attorney grants the person you name the legal authority necessary to act on your behalf in private matters, business, or any other legal affair. This is important in case of disability and useful in many other less serious occasions.
Estate planning may also touch on medical powers of attorney and/or living wills. The person you assign such powers makes medical decisions on your behalf when you are no longer able to, for instance, in the event of a terminal illness or brain death. In a living will, you can declare whether you wish to be put or kept on life support if there is no hope of recovery.
With a durable medical power of attorney for healthcare, you make known all the healthcare decisions you would want your chosen representative to make on your behalf, provided you are unable to make the decisions yourself.
You may also include trusts in your estate planning. Trusts are a legally feasible option to minimize taxes on estate and gifts distributed upon your death. These also minimize costs of distribution of assets to named beneficiaries. Trusts may also be used for a beneficiary who has special needs, or for beneficiaries who are too young to inherit directly.
Get in touch with the Law Offices of Randall S. Boyd, to secure the financial future of your family.