ADDITIONAL ESTATE PLANNING DOCUMENTS

MOST PEOPLE NEED ATTORNEY ASSISTANCE IN UNDERSTANDING THE PURPOSE AND LIMITATIONS OF THESE ADDITIONAL ESTATE PLANNING DOCUMENTS, SO YOU SHOULD WAIT UNTIL THE CONFERENCE WITH YOUR CVEP ATTORNEY TO SELECT THEM – MOST OF THEM ARE ALREADY INCLUDED IN CVEP’S TRUST AND WILL PACKAGES.

BENEFICIARY DESIGNATIONS & PERSONAL PROPERTY MEMORANDUMS

CAUTION: These documents supplement one’s Trust or Will, they normally will not replace the need for a Trust or Will as one’s primary estate planning device. Life insurance proceeds and IRAs are unique forms of property that require a separate document signed by the owner, called a beneficiary designation, to pass the asset to the owner’s heirs upon the owner’s death. Personal bank accounts can be transferred to the account owner’s beneficiaries upon the account owner’s death by means of a “pay on death” designation that the account owner has signed at the bank. For the most part, the foregoing categories of assets (life insurance proceeds, IRAs and personal bank accounts) constitute the very limited categories of assets that can pass to your chosen beneficiaries by some means other than a Trust or a Will. A personal property memorandum (“PPM”) supplements one’s Trust. Provided that the terms of one’s Trust authorizes a PPM, the maker of the Trust can create a list of their “sentimental value” heirlooms and insignificant-value personal property not specifically mentioned in their Trust and specify the person(s) to take such items upon the Trust maker’s death. A PPM can be created and signed informally by the maker of the Trust at any time prior to their death. CVEP’s Will and Trust Packages do include such documents.

FUNDING & TRANSFER DOCUMENTS

Funding and Transfer documents are necessary documents that provide for the transfer of money, stocks, bonds, real property, and other assets into a trust.  Your CVEP attorney will assist you with funding your trust during your second video conference.

FINANCIAL POWER OF ATTORNEY

A Financial Power of Attorney (FPOA), is a document that grants authority to an agent to act on your behalf with regard to financial decisions. This instrument goes into effect when you become incapacitated.  An FPOA is included in our Trust and Powers Packages.

ADVANCED HEALTH CARE DIRECTIVE

An Advanced Health Care Directive (AHCD), explains one’s wishes as to medical treatment if one becomes incompetent or unable to communicate. Also called a Medical Power of Attorney or Advanced Medical Directive, it gives someone you trust “attorney-in-fact” authority to act on your behalf and make health care decisions for you in the event of incapacity.  An AHCD is included in our Will, Trust, and Powers Packages.