Critical Estate Planning Documents
Estate planning documents are essential because no one can predict the future. But one thing is sure: If we leave unanswered questions about how to settle our affairs, life for those we love could be even more difficult. Below are brief descriptions about each of these estate planning documents and what each does.
Estate planning documents are essential because no one can predict the future. But one thing is sure: If we leave unanswered questions about how to settle our affairs, life for those we love could be even more difficult. Below are brief descriptions about each of these estate planning documents and what each does.
|
Joint Ownership |
Durable Power of Attorney |
Living Trust |
Living Will |
Power of Attorney for Healthcare | |
|
What does it do? |
Enables you to own property jointly with another person |
Authorizes someone to handle legal and financial decisions if you become incapacitated |
Assets are titled in the name of your trust and transferred to beneficiaries upon death |
Provides specific instructions about medical care and artificial life support |
Authorizes someone to make healthcare decisions on your behalf |
| Can it authorize someone to handle your financial affairs if you're unable to communicate? |
Generally, no | Yes |
Based on the terms of the document |
Yes |
No |
| Can it specify how you want your belongings transferred after your death? |
Yes, but only those belongings owned jointly |
No, Power of Attorney ends at death |
Yes |
No |
No |
|
Is it private? |
Yes |
Yes |
Yes |
Yes |
Yes |
|
When does it go into effect? |
As soon as joint ownership is recorded |
Either immediately or upon a specific trigger event (such as your incapacity) |
When the document is signed and the trust is funded |
Upon your incapacity |
Either immediately or upon a specific trigger event (such as your incapacity) |
If you have questions or want more information, our team can help!
Investment, Securities and Insurance Products:
NOT
FDIC INSUREDNOT BANK
GUARANTEEDMAY
LOSE VALUENOT INSURED BY ANY
FEDERAL AGENCYNOT A
DEPOSITAssociated Bank and Associated Bank Private Wealth are marketing names AB-C uses for products and services offered by its affiliates. Securities and investment advisory services are offered by Associated Investment Services, Inc. (AIS), member FINRA/SIPC; insurance products are offered by licensed agents of AIS; deposit and loan products and services are offered through Associated Bank, N.A. (ABNA); investment management, fiduciary, administrative and planning services are offered through Associated Trust Company, N.A. (ATC); and Kellogg Asset Management, LLC® (KAM) provides investment management services to AB-C affiliates. AIS, ABNA, ATC, and KAM are all direct or indirect, wholly-owned subsidiaries of AB-C. AB-C and its affiliates do not provide tax, legal or accounting advice. Please consult with your advisors regarding your individual situation. (1024)
