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Wills are the simplest form of estate plan and determine "who gets what" after you're gone.
The Essential Will Plan covers a few different things. First, because the courts need to know who to turn when it comes to settling your estate, your will appoints an executor (also known as a "personal representative") to help handle your estate after death. Second, wills outline how your assets will be distributed after you; in other words, who your beneficiaries will be. Lastly, if you have minor children, wills outline who will serve as guardians for those children.
Why Have A Will?
- Simple estate administration
- Appoint executors & guardians
- Specify who gets your assets
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The Last Will and Testament specifies a couple of things. First, who will serve as your executor (the person in charge of settling your estate) and second, who will be your beneficiaries (the people who will receive the assets included in your estate at death). While your will must go through probate, it does provide clarity as to your intentions and is legally binding upon your heirs.
A Healthcare Declaration (sometimes called a "living will" or "healthcare directive") is a legally binding document that specifies your end-of-life wishes. This document allows you to decide when you wish for healthcare treatments to be withdrawn and what type of treatments to withdraw. While it may be difficult to make this decision, your Healthcare Declaration gives your family peace of mind knowing your wishes.
A Durable Healthcare Power of Attorney allows someone else to make healthcare decisions for you, including course of treatment decisions, the right to hire and fire doctors, and the receive medical records. This is an essential document to any well-rounded estate plan. The person authorized to make decisions for you is considered your "agent," and they can make decisions for you either immediately when you sign the document or upon your incapacity.
A Durable General Power of Attorney allows someone else to make financial, personal, and other decisions on your behalf (except for healthcare) during your lifetime. The powers included in this power of attorney include the ability to manage bank accounts, real estate, and credit cards, as well as signing documents and hiring financial advisors and attorneys on your behalf.
A deed signifies title ownership to real estate. In other words, it is a legally document showing who owns a piece your house or land. The deed prepared by your GoGo Estate® attorney may either be a quitclaim deed or a beneficiary deed depending on the context. A quitclaim deed transfers ownership immediately to someone else (for instance, a trust), while a beneficiary deed (which is not allowed in every state) transfers ownership of real estate to someone else after your death.
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