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The Four Documents You Must Prepare
05/15/24
It’s not anyone’s list of favorite things to do, but preparing for the inevitable is, perhaps, one of the most important things you can do for yourself and your loved ones. To do it right, you need four essential documents prepared. It’s not as involved as you may think, and, for most people, they can be prepared inexpensively using an online legal service.
- You need a will: The bottom line is that, if you don’t have one, the state will become your executive. Who would want to do that to their loved ones?
- You need a health directive: Why? Because you have a greater chance of becoming incapacitated, unable to make important health-related decisions, than you are to die. If it’s important to you, you could also prepare a living will which, essentially, instructs the hospital on your life support wishes.
- You need a power of attorney: For the same reason as you need a health directive, but it’s for all of your important financial decisions that need to be made when you are unable to make them.
- You need a living trust: If you own a lot of assets, or anticipate accumulating them over time, a living trust, as a complement to your will, ensures that they are passed on to your loved ones free of probate. Essentially, it expedited the disposition of your assets.
If you do well and accumulate a lot of assets, you may want to consider a bypass trust which can help to reduce the tax load on your heirs when they inherit all of your stuff.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.