During your lifetime certain estate planning documents provide protection of your assets and direction of your personal decisions should you become incapacitated. Other documents ensure that your final wishes are carried out, including those regarding the distribution of your assets, upon your death. Some of the most common estate planning solutions include powers-of-attorney, living wills, and living trusts.
A power-of-attorney is a document that allows you to appoint an individual or organization as agent to handle your financial, healthcare, and mental healthcare affairs should you be incapacitated or unable to do so.
A living will communicates your wishes regarding life prolonging medical treatments. This document is important, as it informs your family and health care providers about such medical treatments in the event you are unable to speak for yourself.
A living trust creates an entity of which you are the trustor, trustee, and beneficiary. It is created for the lifetime management of your assets as well as direction for the division and distribution of your estate. The trust holds legal title to your property of which you maintain full control. Different types of trusts can help avoid probate, reduce estate taxes, maintain privacy of your estate, or establish long-term property management.
You’ve worked hard to accumulate assets to provide for your retirement and family. Don’t leave it all to chance by not providing a clear path to assure your assets and your legacy pass to your heirs not only to avoid probate but also to minimize your tax liability as well. At Grand Canyon Planning we have been assisting our clients for 25 years to build a complete transition plan with the use of a Revocable Living Trust.
Let us help guide you through a customized process and secure your legacy to keep what you’ve acquired and enjoy those golden years.
Will Your Estate Plan Work When You Need It?
At GCPA our ultimate goal is to help you protect a legacy you’ve spent your lifetime building so you can pass it on for generations to come. That’s why we developed a tried and true process to help you do just that.
GCPA’s Five Steps to Estate Planning:
- Set your goals: Take time to think about, and talk through, your legacy goals; be sure to put all of your thoughts down in writing.
- Identify challenges and obstacles: The earlier you can identify potential obstacles, the easier they will be to manage.
- Develop a strategy: A common starting point is preparing your estate planning documents.
- Communicate the strategy: It’s important you have this conversation because putting it off will likely only cause dissent and turmoil after you’re gone.
- Review regularly: Your life could change drastically between the time your plan is established and the time it’s implemented so make sure your plan still aligns with your goals and needs.