Secrets Top Experts Use For Senior Parents' Estate Planning
Key Components of an Effective Estate Plan
An effective estate plan typically includes several critical documents. First and foremost is the will, which outlines how assets should be distributed. Additionally, a durable power of attorney is crucial, allowing a designated person to manage financial affairs if your parents become incapacitated. A healthcare proxy or living will is also essential, specifying medical treatment preferences. Trusts can play a significant role, offering control over asset distribution and potential tax benefits1.