Estate Planning Documents

Video Transcript

"This is financial planner Patrick Munro, talking about estate planning document review. When you sit down with an estate planner, it should really be also with an attorney. The key document that goes around all the estate planning is a will. An individual should have a will going forward, because that will decide how the assets are distributed at death. If your assets are sufficient enough, you may want to get a trust. This is for individuals that have multiple real estate holdings, things of that nature. A large and complicated family, sometimes a second marriage is involved there as well. Also important, is a power of attorney. A power of attorney allows someone to act on your behalf if you cannot. In other words, if you don't die but rather have a stroke or something of that nature this individual will be able to act in your avail. We also need a power of attorney for health. What this does, is if you die or rather don't die but are in a hospital environment and there is no hope for you this will allow you a legal right to die. Whereby, you're not hooked up to pumps and compressors and various things of that nature. The hospital and the physicians and the attendants have taken a hippocratic oath and they will keep alive. However, that might not be you or your family's wishes. And, so therefore you need to have documentation to make sure that occurs. These are a few of the documents that are required in the overall document review for estate planning. My name is Patrick Munro, financial adviser."