Nine Key Estate Planning Tools

Nine key estate planning tools are below:

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      1. Will. A will is a document in which you designate what you want done with your assets upon your death.
      2. Living Trust. A living trust is a contract that states how you desire your assets to be controlled during your life, during disability, or after death.
      3. Durable Power of Attorney. A durable power of attorney gives an appointed person the power to control your financial assets.
      4. Prenuptial Agreement. A prenuptial agreement keeps your assets separate from your spouse’s.
      5. Health Care Proxy. A health care proxy identifies someone to make medical decisions for you should you become unable to do so.
      6. Living Will. A living will tells people what you want done should you need life-sustaining medical treatment.
      7. HIPAA Release. A HIPAA Release allows your personal representative to access your medical records and discuss your medical condition with medical professionals.
      8. Life Insurance. Life insurance protects your family’s standard of living once you die.
      9. Business Succession Plan. Planning for business owners is significantly different than estate planning for those who don’t own a business.

For more information on each of these estate planning tools, see G.M. Filisko, 9 Key Estate-Planning Tools, Bankrate.com, Oct. 4, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.