Springing POA: Only effective once you are declared incapacitated.Immediate and durable POA: Effective immediately and remains effective after you become incapacitated.Non-durable POA: Effective immediately, lasting until you become incapacitated.The person you appoint with the authority to act on your behalf is the attorney-in-fact, while you're the principal who delegates the authority.ĭepending on how it is worded, a POA can either become effective immediately or in the future. For these reasons, it is recommended that you talk to an attorney to discuss whether a living trust or last will is right for you.Ī power of attorney is a document that appoints someone you trust to handle your financial or medical affairs. A trust can also involve more upkeep because your assets need to be titled in the name of the trust. But unlike with a will, a living trust can allow your heirs to avoid probate court. If not, the court may decide who becomes the executor of your will.Ī living trust is similar to a will in that you choose how your assets are distributed. If for any reason your executor can't carry out their duties, you'll need to have a backup appointment. It's also a good idea to name at least one successor executor, ideally someone younger than your first choice. Mentally fit, so the responsibilities of executorship will be within their grasp.Financially stable, so they're not seen as a risk to your estate.Responsible, so they can use good judgment to carry out your wishes.Look for people close to you who you believe to be:

This individual will be responsible for ensuring the stipulations in your will are carried out according to your wishes. When it comes to choosing an executor, or manager, of your estate, it's important to pick someone you trust.

Appoint someone you trust to be the guardian of your minor children.ģ.

Designate who will get any property that hasn't been handled through joint ownership or a beneficiary designation.

Name someone you trust as the executor of your etaste.

If you need a quick refresher on preparing a will, view the will preparation checklist below. A last will can also include a nomination of guardian for any minor children. Make a last will and testament to lay out who will receive your assets after your death.

Retirement accounts, life insurance, stocks, annuities.

Your home and any real property you own.

Take plenty of time to think about your property, listing: The following estate plan checklist will help you evaluate which steps in the process will be of value to you.Įven if you decide to turn the matter over to an estate planning attorney, you should still have a basic understanding of what is involved.Īny planning for what happens to your property has to begin with a list of that property so you can decide what to distribute and to whom.

Balance statements for any outstanding debtsįor a list specific to your situation, you may want to seek out estate planning advice from an attorney.

Documents proving ownership of assets, such as mortgages, deeds, and titles.

Statements for any financial accounts, like savings, retirement, or investments.

Insurance policies, especially for life and disability insurance.

In this checklist, we'll outline what you should consider when establishing an estate plan.Īlthough the documents you need will vary based on the size and complexity of your estate, it is useful to have the following on hand. By planning ahead, you can minimize future stress on those closest and help ensure your wishes are.

A complete estate plan not only takes into account your belongings and property but also your relatives and loved ones.

Estate planning checklist california