Estate Planning It is important to be prepared by creating an estate plan to ensure that the distribution of your assets are properly dispersed to the persons or institutions of your choosing upon your passing. The choices involved with estate planning can be overwhelming, but we can be a trusted source to help you plan successfully. Our role is to facilitate and help you identify a sensible and comprehensive plan to implement the objectives you envision for you and your families future. Will vs. Trust:A will is a legal document that outlines your wishes for the distribution of your property and minor children after your death. Passing without a will can leave decisions about your estate and minor children in the hands of court judges or state official and may cause conflict within the family. Additionally, having only a will may lead to Probate court after death, which can be a potentially lengthy, public, and expensive process. A trust is a legal document and arrangement that creates a separate entity, which can own property and is managed by one or more trustee for the benefit of one or more beneficiaries. Trustee will continue to have control over the assets while living and the trust will dictate the distribution of the assets after you pass to protect your wealth, legacy, and privacy.Trusts typically avoid the probate process, meaning your beneficiaries can gain access to their assets much more quickly than they would from a will. Having your assets owned by a trust can save time, court fees, public scrutiny, and family conflict.Power of Attorney:In general, a power of attorney is a legal document that grants permission to another person in the event of an emergency to take over financial and medical decisions and acct on your behalf if you become incapacitated. This document details certain decisions this person can make, which are usually related to property, finances, and medical care. A power of attorney ends automatically when the grantor dies. Advanced Healthcare Directive:Advance Healthcare Directives, also referred to as a living will, are legal instructions regarding your medical care if you become unable to make decisions for yourself. These instructions outline actions your doctors or caregivers must perform, no matter your age, to help ensure you receive the care you wish. As a result, it will relieve your loved ones from making difficult decisions and feeling like your life is in their hands. When constructing your wishes, you can take a look at the outline called the Memorandum of Final Wishes, which is derived from Five Wishes.Memorandum of Final Wishes:There are many things in life that are out of our hands. The Five Wishes document gives you a way to control something very important - how you are treated if you get seriously ill. It is an easy-to-complete form that lets you say exactly what you want. Once it is filled out and properly signed, it is valid under the laws of most states. The following is an outline of specific wishes you will want to consider.MY WISH FOR:1. The Person I Want to Make Care Decisions for Me When I Can't2. The Kind of Medical Treatment I Want or Don't Want3. How Comfortable I Want to Be4. How I Want People to Treat Me5. What I Want My Loved Ones to KnowOak Wealth Management and LPL Financial do not provide legal advice. Please consult your legal advisor regarding your specific situation.