The first tool that you will need in your estate plan is a will. A will is a formal legal document that is submitted to the court after you die, which states what you want to happen at your death. A well-constructed will is the cornerstone of your estate planning. Make sure your will reflects your current status, the status of your heirs, and the amount of your current estate. Other important documents you will need to round out your estate plan include a Letter of Instruction, a Durable Power of Attorney, a Medical Durable Power of Attorney, and a Living Will.
Will: A document dictating how assets are to be divided when an individual dies, which names a person who will supervise the distribution.
Letter of Instruction: A document that lists important financial and other information to be used to help those who are helping you when you are incapacitated or die.
Durable Power of Attorney: A document you sign that appoints someone (an agent) to make financial decisions you. Although the powers the agent receives become effective immediately, this document is usually used only in cases where you become incapacitated.
Medical Durable Power of Attorney: Similar to a durable power of attorney, but applies specifically to health care decisions. It allows you to appoint someone (a health care agent) to make medical decisions for you if you become incapacitated.
Living Will: A document that states your preference for extraordinary medical treatment if you have no hope of recovering.
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA (Opens in a new Window)/SIPC (Opens in a new Window). UniVest Financial Services is a trade name of UniBank. Infinex and UniBank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of, nor guaranteed or insured by, any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.