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Transcription:
The two most common Estate Planning documents are Wills* and Trusts**. Both options allow you to say who will receive your assets, but they do so in different ways.

Wills are more “simple” documents that allow you to* name guardians for your kids and pets, designate how you want your assets distributed, and specify your final arrangement wishes. Wills don’t go into effect until after you pass away and they won’t help you to avoid probate.

Trusts, on the other hand, offer greater control over when and how your assets are distributed. Trusts go into effect immediately upon signing. However, your assets need to be transferred into the Trust to take full advantage of the benefits, including avoiding probate.

Most people who own a home or have over 150,000 dollars in assets opt for a Trust. If your Estate is less than that, a Will may be the right option for you. However, you can always add a Trust to your Estate Plan at any time.

Other important Estate Planning documents focus on your health care and what should happen if you become incapacitated in any way. These documents include a Living Will, a HIPAA authorization, and a Power of Attorney.

A Living Will allows you to make choices regarding your end-of-life medical decisions. A HIPAA authorization lets you authorize the release of your medical records to trusted individuals. And a Power of Attorney allows you to name trusted individuals to make decisions about your finances and other important matters in the event you are unable to do so on your own.

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