(02) Legal Documents

Objectives

Durable Power of Attorney for Property (including Finances)

Durable Power of Attorney for Property (including Finances)

Consider a Revocable (Living) Trust
Check retirement account beneficiaries
Plan for pets
Share with parents and children
Research ways to share estate information

Durable Power of Attorney for Property (including Finances)

Durable Power of Attorney for Property (including Finances)

Durable Power of Attorney for Property (including Finances)

Avoids conservatorship
Defined by state law
Immediate
Springing (incapacity)
Ensure financial institutions accept your POA

Advance Health Care Directive

Durable Power of Attorney for Property (including Finances)

Advance Health Care Directive

Defined by state law
Lets a trusted person make your medical decisions if you can't
Consider uploading to your medical providers

Wills

Qualified Retirement Accounts (IRA, 401k and more)

Advance Health Care Directive

Defined by state law
All wills go through probate (public)
Wills control what happens after death, not during life
Intestate – what happens when you die without a will

Revocable (Living) Trust

Qualified Retirement Accounts (IRA, 401k and more)

Qualified Retirement Accounts (IRA, 401k and more)

Generally honored across states
Avoids probate
Private
Picnic basket / wagon for funded assets
Can be used to provide for pets

Qualified Retirement Accounts (IRA, 401k and more)

Qualified Retirement Accounts (IRA, 401k and more)

Qualified Retirement Accounts (IRA, 401k and more)

Individual accounts (not joint)
Name real people as beneficiaries
Naming a charity, trust or your estate as a beneficiary should be done only with professional guidance