Tools of an Estate Plan
Just as a carpenter has a wide range of tools, there are various tools to create an estate plan.
Will – A will is a document outlining a person’s wishes for distributing their property and assets and directing the care of dependents like children and special needs adults. Without a will, decisions about one’s estate are left to the state. It’s best to have a will prepared by an experienced estate planning attorney. Gifts to charities and ministries can be made through a will.
Trust – A trust is a fiduciary relationship where a person(s) gives a trustee the right to hold property or assets for the beneficiary’s benefit. Trusts can help transfer appreciated assets tax-efficiently, ensure continued care for a special needs loved one, and facilitate charitable gifts.
Guardianship – A will and trust instruct parents’ wishes for guardianship of their underaged or special needs children at their death.
Financial Power of Attorney for Finances allows the person you choose to manage your assets and pay your bills at death or incapacitation.
Power of Attorney for Healthcare (Advanced Health Care Directive) – A healthcare power of attorney lets your chosen person make healthcare decisions for you when you become incapacitated.
Estate planning is taking steps now to make carrying out your plan easier later. Do you need a will or trust? This is a conversation to have with an estate planning attorney or professional.
Baptist Homes & Healthcare Ministries has expertise in estate planning and connections with estate planning attorneys. To assist you with estate planning, contact Ron Mackey (rdmackey@bhhm.org) or Nick Davis (ndavis@bhhm.org) for a confidential conversation.
Nick Davis, Director of Advancement
