By: Corinne Cantwell Heggie
Estate planning is important for everyone, and there’s no better time than the present to learn about a few essential documents that can protect you, your family, and your property from loss and taxes. Those documents include:
- Last Will and Testament
A will is a document that a person writes to identify beneficiaries of property he owns in his own name. The named beneficiaries in his will receive the property when he dies.
- Health Care Power of Attorney
A health care power of attorney is a document a person signs to name a trusted adult to make healthcare decisions for him when he is living and cannot make decisions himself.
- Property Power of Attorney
A property power of attorney is a document a person signs to name a trusted adult to make financial decisions about his property when he is living and cannot make decisions himself.
- Living Trust
A living trust adds value to estate plans to avoid taxes and to plan for in case of incapacity or disability. There are many other reasons a living trust adds value to estate plans.
To learn more about these documents and why they’re important, read the full article in the WBAI Fall 2022 Newsletter on page 26.