Estate Document Basics
BLOGS|12 Jan 2023
Estate planning can be a difficult process to navigate both conceptually and emotionally. […]
- Guardianship Clause – If you currently have minor children or plan to have children in the future then your will should include a guardianship clause. A guardianship clause identifies who you would like to provide care to your minor children.
- Pet Clause – Similar to the guardianship clause above, a pet clause can be added to direct care for your pets.
- No Contest Clause – A no contest clause helps to discourage beneficiaries from contesting the instructions in your will. It can outline instructions to reduce the inheritance the beneficiary could receive if they try to contest the will.
- Simultaneous Death Clause – This clause helps to avoid going through the probate process twice if a married couple were to pass simultaneously.
- Survivorship Clause – Before any assets can be inherited this clause requires a beneficiary to outlive the decedent for a certain amount of time. Like the simultaneous death clause listed above, this clause helps to avoid going through the probate process twice in such a short amount of time.
- Limited vs General Powers – Specifying the scale of power for your designated agent will let you limit the POA to act on your behalf for either a particular transaction or on a broader scale for all financial affairs.
- Durable vs Springing – A financial power of attorney can expire when you become incapacitated unless you specify the document as a durable power of attorney. This will ensure the power remains active until your death even if you are incapacitated. Instead, you can elect to draft a springing power of attorney while will only come into effect at a specified event/time.
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