It’s been said that if estate plans were cars, most people would be driving stripped down models; no seat belts, air bags, air conditioning, power steering, cruise control, stereo or other options that provide for the safe and comfortable operation of a car.
The estate planning equivalent of a stripped-down car is a simple will. Most people believe that a will is all you need. For a person with assets over $184,500, a will is only one part of a well-constructed estate plan. A properly constructed estate plan includes all of the following documents:
- Revocable Living Trust
- Pour Over Will
- Durable Power of Attorney for Asset Management
- Advanced Health Care Directive
- Community Property Agreement
- Support
