What is a “Must-Have” Estate Planning Document?

Must haveMillennials are not discussing end-of-life care with their parents. Nevertheless, to save your loved ones avoidable pain and legal wrangling at your death or if you become incapacitated, you should begin your estate planning today and that includes a conversation with your millennial children.

As we discuss estate planning with our loved ones, everyone needs to understand the documents involved:

  • Wills: A will describes who will be in charge of your estate at the time of your death and to whom you want your assets to be given. You can also use a will to nominate a guardian for your minor children.
  • Living Trust: This is a common way to transfer assets upon your death and without probate. Typically, a trust will have property titled in it and will document what should happen to the assets upon your death.
  • Durable Power Of Attorney: This ensures that an individual you select has the authority to make decisions regarding your financial life in the event that you are incapacitated or unable to make decisions on your own, such as financial and legal matters.
  • Health-Care Power of Attorney: Like a durable power of attorney, a medical power of attorney give a person you designate the authority to make medical decisions on your behalf if you can't make those decisions yourself.
  • Living Will: This allows you to list your healthcare preferences and can be used, along with your health-care proxy, to make certain that your medical wishes are carried out.
  • HIPPA Release: This allows those listed on your advanced health care directive and your health-care proxy to access your healthcare information so they can handle issues on your behalf if you are unable to do so.
  • Tax Documents: Can you believe that death does not stop taxes? Most taxpayers don't have to worry about federal estate taxes, but some must be aware that an estate over $5.45 million is liable for estate taxes, with some exceptions. Some states also have a state death tax in addition to federal estate taxes.

Plan now so that your loved ones don't have to face legal obstacles and stress that could have been avoided. Speak with an estate planning lawyer and help your loved ones avoid unnecessary expenses, legal headaches and additional pain. We can help you with that; give us a call at 757-259-0707 for your complementary consultation.

Reference: Benzinga (February 08, 2016) "Millennials and Estate Planning: How to Get Started"


Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment


We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.