Estate Planning

Estate Planning is a critical piece of financial planning that is too often ignored.  Many people view estate planning as complex, expensive or unnecessary, which are understandable sentiments but…

Estate planning typically involves four types of documents:

  • A Living Trust – allows you to maintain control over your assets while you are able to do so, avoid probate upon death, and provide for distribution of your assets according to your wishes.
  • A Will – the most important function of a Will is to designate Guardianship of your children in case of your death.  
  • Durable Power of Attorney for Health Care Decisions (sometimes call an Advanced Directive) – allows you to designate someone to access your medical records and make medical decisions regarding your health care should you become incapacitated.
  • Durable General Power of Attorney – again, in the case of your incapacity, this allows you to designate someone to made decisions for you primarily regarding financial matters.

Lumia Wealth does not provide legal advice or prepare legal documents, but we have strong relationships with estate planning attorneys to refer clients to.  We work with the attorneys to make sure your wishes and needs are accurately reflected in the estate documents prepared for you.

In addition to the standard estate documents above, we often work with clients and attorneys on more complex legal documents based on the goals of each individual client.