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Estate Planning & Related Services
I. Introduction
This briefing document summarizes information from three distinct sources, each offering unique perspectives on estate planning and related services:
- LegalZoom "Estate planning bundle": A commercial entity offering online estate planning services and legal document creation.
- USAGov "Making government services easier to find": A government resource providing information on various government benefits, programs, and services.
- National Association of Estate Planners & Councils (NAEPC): A professional organization for estate planning professionals, offering networking, education, and credentials.
The goal is to provide a comprehensive overview of the themes and information relating to estate planning, from practical document creation to professional standards and government resources.
II. Key Themes & Ideas
A. The Importance of Estate Planning (LegalZoom)
- Beyond Legal Documents: Estate planning is presented not just as a process of creating legal documents but as a crucial step in taking care of family needs, both now and in the future. "Estate planning is how you take care of your family's needs now and in the future."
- Peace of Mind: A key benefit highlighted is the peace of mind that estate planning provides, for both the individual and their loved ones.
- Protecting Children: A primary concern is the protection of minor children, emphasizing the importance of choosing a trusted guardian. "Choose a trusted guardian to take care of your minor children should anything happen to you."
- Communicating Wishes: Estate planning allows individuals to clearly communicate their financial and healthcare wishes and appoint trusted decision-makers.
- Comprehensive and Affordable: LegalZoom aims to offer comprehensive estate plans at various price points, including Basic and Premium Wills and Trusts.
- Avoiding Probate: The benefits of a living trust in avoiding the potentially costly and time-consuming probate court process are highlighted. "With a living trust, your loved ones can avoid probate court, which can be costly and time consuming in some states."
- Attorney Support: LegalZoom emphasizes attorney support, with premium packages including attorney review and consultation.
B. Core Components of Estate Plans (LegalZoom)
- Last Will and Testament or Living Trust: The core of an estate plan, determining who receives assets and, in the case of wills, allows for the nomination of guardians for children.
- Financial Power of Attorney: Allows a designated person to manage financial affairs if the individual becomes unable. "Nominate someone you trust to keep your financial affairs in order when you can't do it yourself. This can include paying bills, collecting income, and more."
- Healthcare Directive: Provides instructions for medical treatment and designates a healthcare proxy to make medical decisions when the individual cannot.
- HIPAA Authorization: Grants permission to healthcare providers to release health information to designated individuals.
- Benefits by Plan: LegalZoom offers basic and premium versions of both Wills and Trusts, with enhanced services in the premium versions like attorney review and more support.
- Hassle-Free and Accepted: LegalZoom's services are touted as hassle-free, requiring no in-person lawyer visits and their legal documents are accepted in all 50 states.
C. Government Resources for Life Events (USAGov)
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