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Estate Planning Organizer
 Every adult will receive benefits and protections
from having an estate plan that includes the following:
- Health Care Proxy - a document in which you appoint a person
and a back-up to communicate health care decisions for you if
you become incapacitated.
- Living Will - a document that expresses your wishes regarding
end-of-life decision-making, to be followed by the person and
back-up you appoint in your Health Care Proxy.
- Power of Attorney - a document in which you appoint a person
and a back-up to act in your behalf regarding financial and property
matters.
- Will –a document that will direct the distribution of
assets you own individually at the time of your death; also provides
administrative directions and can provide directions regarding
the payment and allocation of estate taxes.
- Living Trust –A Will substitute that directs the distribution
of assets titled to the Living Trust going through court-supervised
probate. In New York , it would be coupled with a pourover Will
to “catch”any assets remaining outside of the Trust;
will also direct the management an distribution of Trust assets
if the creator of the Trust has a period of incapacity prior
to the creator's death.
- Beneficiary designations –Written contractual obligations
between a financial institution and an owner of an asset to document
the owner's intent as to what persons or charities will receive
the asset after the owner's lifetime. Used for insurance policies,
annuities, IRAs and other retirement savings plans such as 401(k),
403(b), and 457 plans.
- Re-titling of Assets –Cross-referencing the legal ownership
of assets with one's estate planning and tax planning.
Create two lists before making an appointment with
your estate planning attorney. On one list, name the family, friends
and charities you want to benefit. On the second list, itemize your
assets, how they are currently titled and which ones have beneficiary
designations.
The St. Lawrence Estate Planning Organizer is
an excellent tool for creating your lists and outlining your priorities
before meeting with your advisors. Request
a copy of the Organizer, compliments of the Alumni
Executive Council.
This web page does not provide legal or financial advice, nor is it intended as a comprehensive review of the topic. You should consult your attorney, tax advisor and St. Lawrence before making or planning your gift.
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