Having an estate plan
in place is extremely important. With the proper combination of documents, including a will, trust, and other items, you can ensure:
The Certificate of Trust a public document used to put assets (bank accounts, sock accounts, mutual funds, real property etc.) into your trust. Your Certificate of Trust is the document you show to the bank, stock broker, escrow officer, etc. for items you wish to place in the name of your trust.
When you have a Trust you also have a very special kind of Will. It will determine who will care for your minor children, what you want your burial and funeral arrangements to be, and will protect you if you forget to put anything into the name of your Trust.
Your General Durable Power of Attorney is designed to allow someone, usually the same person who will be in charge of your trust, under the circumstance of your disability to sign your name.
You have a Durable Power of Attorney for Healthcare so that someone you choose, not someone chosen by a Judge of the Superior Court, can make medical decisions for you if you can not make those decisions for yourself.
Having a properly executed will and trust can also drastically decrease the amount of money your family will spend in taxes upon your death. You can decrease or even reduce the tax burden to zero with the right documentation.