The objective of the death plan is to avoid probate, provide privacy and save time and money associated with the transferring of assets at the time of someone’s death. A Trust is the way to do this.
It allows the decedent to decide who will be the beneficiary of his or her estate and how and when the estate is to be distributed.
The objective of the Life Plan is also to avoid probate in the event you are ever incapacitated. There are several legal documents everyone should have in place in order to avoid a Conservatorship. You should nominate someone you trust to take care of you, manage your assets and make medical decisions for you, if you are unable to make your own decisions.
You will need a Durable Power of Attorney (“DPA”) and an Advance Health Care Directive (“AHCD”). The DPA allows someone else to sign your name and gives them the power to manage your financial affairs. The DPA is usually not effective until you become incapacitated. The AHCD simply nominates someone to make medical decision if you are unable to talk to the doctors yourself. The AHCD should be effective immediately so your agent can make medical decisions for you if are in an accident or you are unable to speak for yourself.