${site.data.firmName}${SEMFirmNameAlt}
Contact Us For A Consultation
302-644-7181 Lewes
302-697-4900 Camden

What are the core documents in estate planning?

Delaware residents who are considering making plans to provide for their loved ones after they pass away might not know what documents they will need. During estate planning, their needs are assessed, and a combination of the following seven documents will be considered. These are the documents that most people need in order to create an estate plan effectively dispose of their assets after death and provide for their care if incapacitated.

The cornerstone of most estate plans is the last will and testament. It provides instructions to the executor regarding how assets are to be distributed. Parents of minor children can also appoint someone to care for their children (a guardian) if they pass away while the children are still young. A letter of intent can accompany a will outlining specific bequests and other instructions.

Trusts hold assets for beneficiaries. A grantor (the trust's creator) provides rules regarding distributions to beneficiaries. The trustee administers the trust and ensures its provisions are followed. Assets in a trust do not go through probate. Trusts also protect their assets from creditors, estate taxes and other people.

The remaining documents protect a Delaware resident and provide for him and her in the event of incapacitation due to illness or injury. A living will outlines what end-of-life care the person does -- or does not -- want, and a healthcare power of attorney appoints a trusted individual to carry out those wishes or otherwise make decisions regarding medical care on behalf of the incapacitated person. A HIPAA release for the agent will help clear the way for him or her to be provided relevant information needed to make those decisions. A durable power of attorney appoints someone to deal with a person's financial affairs, which can be as specific or broad as desired. 

The beauty of estate planning is that the contents of these documents can be tailored to a specific individual's needs. There are even numerous types of trusts available depending on the circumstances. Knowing how to properly construct these documents to achieve an individual's goals often requires the advice and assistance of an attorney. Any challenges to these documents can be diminished or eliminated by being sure they comply with current applicable laws.

Source: aol.com, "7 documents you need to fill out before you die", Clark Randall, Dec. 30, 2016

No Comments

Leave a comment
Comment Information

What Our Clients Say About Us…

My wife and I would like to take this opportunity to highly recommend the legal practice of Bonnie Benson and her very professional staff… Bonnie and her staff are organized, engaged in the client's case and they communicate effectively.

Read More
Latest Blogs
Get The Help Now

Need Answers Now? Contact Us Immediately

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

your success. our commitment. elder counsel excellence in elder law  and special needs state bar delaware association

Camden Office
306 East Camden Wyoming Avenue
Camden, DE 19934

Phone: 302-697-4900
Fax: 302-697-4901
Camden Law Office Map

Lewes Office
33718 B Wescoats Road
Lewes, DE 19958

Phone: 302-644-7181
Fax: 302-644-7182
Lewes Law Office Map

We Accept visa mastercard discover network
Review Us