Zielonka Financial Services LLC

(888) 967-1040

Estate Read Time: 3 min

Critical Estate Documents

Financial Documents

 Joint OwnershipDurable Power of AttorneyLiving Trust
What does it do?Enables you to own property jointly with another personAuthorizes someone to handle legal and financial decisions if you become incapacitatedHolds your belongings until your death
Can it authorize someone to handle your financial affairs if you are unable to communicate?Generally, nocheckGenerally, no
Can it specify how you want your belongings transferred after your death?check
But only those belongings owned jointly
Generally, nocheck
Is it private?checkcheckcheck
When does it go into effect?As soon as joint ownership is recordedEither immediately or upon a specific trigger event (such as your incapacity)When the document is signed and the trust is funded
Does it require court involvement?NoNoNo

Health Care Documents

 Living WillPower of AttorneyPower of Attorney for Health Care
What does it do?Provides specific instructions about medical care and artificial life supportAuthorizes someone to handle legal and financial decisions on your behalfAuthorizes someone to make health care decisions on your behalf
Can it outline your medical wishes if you are unable to communicate?checkGenerally, noGenerally, no, but it does authorize someone to make medical decisions on your behalf
Can it authorize someone to handle your financial affairs if you are unable to communicate?Generally, nocheckGenerally, no
DurationNo expiration; can be revised or revoked at any timeDepends on specifics in the document; can be revised or revoked at any timeDepends on specifics in the document; can be revoked or revised at any time
Is it private?checkcheckcheck
When does it go into effect?Upon your incapacityEither immediately or upon a specific trigger event (such as your incapacity)Either immediately or upon a specific trigger event (such as your incapacity)

Note: Power of attorney laws can vary from state to state. An estate strategy that includes trusts may involve a complex web of tax rules and regulations. Consider working with a knowledgeable estate management professional before implementing such strategies.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

Risk Tolerance: What’s Your Style?

Risk Tolerance: What’s Your Style?

Learn about what risk tolerance really means in this helpful and insightful video.

Required Reading: The Economic Report of the President

Required Reading: The Economic Report of the President

The Economic Report of the President can help identify the forces driving — or dragging — the economy.

Teen Drinking and Your Liability

Teen Drinking and Your Liability

Drinking may be a “rite of passage” for teens, but when it occurs in your home you may be held responsible for their actions.

 

Have A Question About This Topic?







Thank you! Oops!

Rebalancing Your Portfolio

Over time, different investments' performances can shift a portfolio’s intent and risk profile. Rebalancing may be critical.

Making a Charitable Contribution

There are benefits and limitations when you decide to donate stock.

Protecting Your Business from the Loss of a Key Person

Business owners may be able to protect themselves from the financial consequences of losing a key employee.

View all articles

Comparing Investments

This calculator compares the net gain of a taxable investment versus a tax-favored one.

Estimate Your RMD

Help determine the required minimum distribution from an IRA or other qualified retirement plan.

What Is My Current Net Worth?

Use this calculator to estimate your net worth by adding up your assets and subtracting your liabilities.

View all calculators

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.

View all presentations

Exit Strategies of the Rich and Famous

Estate conservation is too important to put off. Do you have a smart exit strategy?

Questions to Consider When Buying a Vacation Home

Doing your research is key before buying a vacation home.

Suddenly Single: 3 Steps to Take Now

Have you found yourself suddenly single? Here are 3 steps to take right now.

View all videos