If you don’t care about what happens to you, your money or property after you die, you don’t need an estate plan. The government, hospitals, nursing homes and medical bill collectors are more than happy to take all your money and property.
If you care about yourself and your loved ones, you might want to consider making an estate plan. An estate plan doesn’t help you at all, it only helps your loved ones
Healthcare Directives:
Also called Living Wills tell doctors and nurses how much medical care you want at the end of your life. Do you want to be kept alive on a machine or not? These and other questions are addressed in healthcare directives.
Durable/Financial Power of Attorney:
Wills:
When properly drafted and executed, a will tells a court to whom your money and property should be given. Wills are a relatively inexpensive and easy way to handle your affairs, and in many circumstances, they are good enough.
But if you have a house, art/gun/coin/etc. collections, ATV, boat, plane, snowmobile, second home, vacation home, a bank accounts, business, stocks, bonds, or any other property or financial instruments, wills may not be ideal.
Trusts:
When properly drafted and executed, there is no better way to protect you and your family than by creating a trust. Trusts sound complicated and expensive, but they are actually one of the least expensive ways for you to EASILY transfer property to your loved ones upon death.
Wills eventually require probate. Probate Court usually takes about one year to complete, it can easily cost thousands in legal fees, unless creditors or MaineCare / Medicaid takes your money first.
Trusts can help you:
*Avoid Attorneys
*Avoid burdening your family with the time, effort and expense of Probate Court