Taking control with an estate plan
A well-thought-out estate plan deals not only with the disposition of your assets at death, but also care of yourself and your wealth during your lifetime. Your estate plan will help determine who will:
- Inherit your assets
- Take care of your children, if they are minors
- Make the legal/or healthcare decisions of your behalf if you become ill or incapacitated
Your situation’s complexity will determine which documents your plan requires; however, these five are often included in an estate plan: Five Important Estate Planning Documents
Will Your Will provides instructions for distributing your assets to your beneficiaries when you die. In it, you name a personal representative (executor) to pay final expenses and taxes and distribute your remaining assets.
Durable Power of Attorney This document lets you give a trusted individual management power over your assets if you can’t manage them yourself. This document is effective only while you’re alive.
Health Care Power of Attorney With a health care power of attorney you can choose someone to make medical decisions for you if you are unable to communicate your wishes, or don’t have legal capacity to make treatment decisions for yourself.
Living Will Express your intentions regarding the use of life-sustaining measures if you are terminally ill. It doesn’t give anyone the authority to speak for you.
Revocable Living Trust By transferring assets to a revocable living trust, you can provide for continued management of your assets during your lifetime and after your death — possibly for generations to come.
Trust Services are available through Wells Fargo Bank, N.A. Member FDIC and Wells Fargo Delaware Trust Company, N.A. Wells Fargo Advisors and its affiliates do not provide tax or legal advice. Please consult with your tax and/or legal advisors before taking any action that may have tax and/or legal consequences.