What documents are commonly included in an estate plan?
Common documents include a will, durable financial power of attorney, health care power of attorney, and advance directive. Trusts may also be used for minor children's inheritances, probate avoidance, or ongoing asset management.
Who should consider a revocable living trust?
A revocable living trust may be considered by people seeking probate-avoidance planning or ongoing management of assets during retirement and later-life changes. Whether it is appropriate depends on the person's assets and goals.
What does probate and trust administration involve?
It can include handling an estate or trust after death, coordinating executor or trustee responsibilities, and addressing tax matters. The Monroe Law Firm specifically lists probate and trust administration, fiduciary services, and estate, gift, and income tax planning.
What should parents include in an estate plan?
Parents commonly address guardianship for children and how children's inheritances will be managed. Options listed by local firms include wills for young families and testamentary trusts for children's inheritances.