Wells Fargo breaks down the basics of Estate Planning into 5 core documents, in their article linked below entitled “Estate Planning Basics.” The 5 documents they mention are:
A will
A durable power of attorney
A health care power of attorney
A living will
A revocable trust
Oftentimes, the Living Will and Health Care Proxy will be combined into one document. Additionally, in certain situations, such as those who are looking to apply for Medicaid benefits, an Irrevocable Trust can be a great benefit.
However, each person has different needs and situations, whether they be familial or financial. Not everyone needs all of them, and some people may need even more that are not mentioned. Our firm, Danna & Associates, PC has specialized in Estate Planning and Elder Law since its inception in 1994, the combination of which has given us ample experience in creating Estate Plans.
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