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Baron Financial Answers Video: What are the three basic estate planning documents?

Financial Planning Retirement Planning Baron Team Insights Videos Baron Financial Answers Estate Planning

Baron Financial Team Answers Questions About
“Your Personal Economy"SM

Presented by James Suazo, ChFC®

Today’s question is on Estate Planning. Do I need an Estate Plan?  What are the three basic estate planning documents?

View or listen to our video to learn more

Do I need an Estate Plan? And What are the three basic estate planning documents? 

We are not attorneys and cannot provide legal guidance or execute your estate documents, but as your Fiduciary Financial Advisor, our goal is to guide you in all aspects of “Your personal EconomySM”. We work alongside your estate planning attorney. 

Let’s first discuss what is Estate Planning? 

Estate Planning is the process of accumulation, management, conservation, and transfer of assets, taking into consideration legal, tax, and most importantly- your personal wishes. 

With that said the two main goals of Estate Planning are effective and efficient transfer of assets. Today we will discuss 3 important documents that should be in every estate plan. 

1.  A Last Will and Testament

A document dictating how you would like your assets to be dispersed after death; to whom do you want your assets to pass? Having a Will safeguards your wishes. If you die without having a Will in place, the State will decide who is to inherit from your estate. The Will can also be useful to save estate taxes, create trusts for children and establish guardians for minor children.

2.  A Durable Power of Attorney (DPOA)

A document in which you give another person the authority to act on your behalf. If you were ever to become incapacitated, who would you feel comfortable standing-in on your behalf when it comes to your finances, signing your checks, etc.?  It is important to have the POA in place before the need arises and it’s too late to have the document created.

3.  A Living Will (also known as an Advanced Medical Directive) 

A document outlining your end-of-life medical wishes if you are not conscious to make those decisions for yourself. What medical actions do you want to take place? It may also allow you to appoint a Health Care Representative to make medical decisions on your behalf if you are unable to make them yourself.

In closing - Yes everyone needs an estate plan! These three documents are essential to any plan. Please consult with an estate planning attorney today to get started or refresh your estate plan. 

For our clients, please contact your Baron Team for guidance with any estate planning questions. 

For others watching, please reach out to us for a complimentary second opinion on your current financial plan. 

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Disclosure: This is a general communication being provided for informational purposes only. This material is not intended to be relied upon as a forecast, research, legal, tax or investment advice.  Please consult your estate planning attorney for personal legal advice.