• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Unsworth LaPlante, PLLC

Vermont Estate Planning Attorneys

Vermont: (802) 879-7133

Attend A Free Workshop
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
    • What to Expect When Working with Us
  • Services
    • Estate Planning
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid Planning & Elder Law
    • Pet Planning
    • Special Needs Planning
    • Trust Administration
    • Young Families Planning
  • Resources
    • Articles
    • Elder Law Reports
    • Elder Law Resources
      • Burlington
      • Montpelier
      • Rutland
      • St. Johnsbury
      • White River Junction
    • Estate And Gift Tax Figures
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Elder Law
        • In-Home Elder Care
        • Medicaid
        • Planning for Long-Term Care
      • Estate Planning
        • Business Succession Planning
        • Estate and Gift Tax
        • Estate Planning for Blended Families
        • Estate Planning for Parents
        • FAQs for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Taxes on Inheritances in Vermont
      • Incapacity Planning
      • IRA & Retirement Planning
      • Gift, Estate, and Inheritance Taxes
      • Legacy Wealth Planning
      • Philanthropy and Estate Planning
      • Pet Planning
      • Revocable Living Trust
      • Special Needs Planning
      • Trust Administration
      • Trusts
      • Wills
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
      • Medicaid Analysis Worksheet
      • Medicaid Guide
      • Vermont Medicaid
    • Newsletters
    • Presentations
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
    • SECURE Act
    • Top Estate Planning Techniques
  • Webinars/Seminars
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact
Home » Five Must-Have Estate Planning Documents

Five Must-Have Estate Planning Documents

April 19, 2021 by Ellen LaPlante

estate planning documents pThere is no one-size-fits-all estate plan that is right for everyone, but the differences are related to the asset transfer methods that can be used. Aside from that, there is a basic framework that is universal, and it boils down to the execution of five core documents.

Asset Transfers

The flexible portion is the asset transfer component. Obviously, you can state your final wishes in a simple will, but there are drawbacks and limitations. One of them is the fact that a will is admitted to probate, which is a costly and time-consuming legal process.

Unless you include a testamentary trust, the assets will be distributed all at once in lump sums, and there would be no safety rails going forward. This can be a source of concern if you are going to be leaving money to someone that is not ready to responsibly handle a windfall.

An alternative would be a living trust with a spendthrift clause. The trustee would manage the assets, and the beneficiary would have no direct access to the principal.

Their creditors would “step into their shoes,” so they would be in the same position. Assets could be distributed to the beneficiary incrementally over time to prevent reckless spending.

The living trust is the ideal estate planning centerpiece for many people, but there are other types of trusts that satisfy different specific objectives. When you work with an attorney from our firm, we can gain an understanding of your situation and make the appropriate recommendations.

Living Will

A living will is a document that is used to state your life support preferences. You can also add your organ and tissue donation designations and your comfort care medication choices.

Life support preferences are personal, and no one should be forced to make a life-and-death decision for someone else. In addition to the difficult position that the decision-maker would occupy, there could be disagreements among family members at the worst possible time.

Durable Powers of Attorney

Health care matters can arise that are not related to the use of life-support measures. To account for this possibility, your incapacity plan should include a durable power of attorney for health care.

You utilize this document to empower an agent to make medical decisions on your behalf if it becomes necessary.

Another durable power of attorney should be added to account for financial decision-making. It should be noted that you can designate a disability trustee if you have a living trust.

HIPAA Release

The Health Insurance Portability and Accountability Act was enacted in August of 1996. It was put in place to protect the privacy of patients, and a provision in it prevents doctors from sharing medical information with anyone other than the patient.

This includes family members, so you should include a HIPAA release in your incapacity plan to give the health care representative the ability to access your records. It should be noted that you can give others the same access if you choose to do so.

Access Our Free Estate Planning Worksheet!

We’re glad you found our site, and you should bookmark this blog and come back to visit us to stay up-to-date. There are other written resources that you can tap into as well, and one of them is our estate planning worksheet.

This resource has been carefully prepared, and you will come away with a better understanding of this important process if you take the time to go through it. There is no charge, and you can visit our worksheet access page to get your copy.

Need Help Now?

If you are here because you have been thinking about working with an estate planning attorney to put a plan in place, there is no time like the present. We can gain an understanding of your financial position and your legacy goals and help you devise a plan that ideally suits your needs.

You can set the wheels in motion right now if you give us a call at 802-879-7133, and you can fill out our contact form if you would rather send us a message.

 

 

  • Author
  • Recent Posts
Ellen LaPlante
Ellen LaPlante
Ellen LaPlante is an attorney whose mission is to provide clients with guidance in Estate Planning, Elder Law, and Medicaid Preparation. She is barred in Vermont and New York. Ellen helps clients put together unique estate plans, including assistance with Trusts, Wills, Powers of Attorney, and Advance Directives. She also works with clients on Medicaid Planning and qualifying for Medicaid assistance.
Ellen LaPlante
Latest posts by Ellen LaPlante (see all)
  • How to Apply for Senior Medicaid in Vermont - December 11, 2022
  • Planning for the “Silver Tsunami” - November 1, 2022
  • Discharge of Indebtedness Income and Student Loan Forgiveness - October 27, 2022

Filed Under: Uncategorized Tagged With: Estate Planning, durable power of attorney, living will, living trust, simple will

Other Articles You May Find Useful

Essex Junction elder law attorneys
What You Need to Know about Elder Abuse
Essex Junction Medicaid planning attorneys
How to Apply for Senior Medicaid in Vermont
Planning for the “Silver Tsunami”
Discharge of Indebtedness Income and Student Loan Forgiveness
More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
Essex Junction Medicaid planning attorneys
Does My 401(k) Account Count for Medicaid Eligibility?

Primary Sidebar

Elder Law and Medicaid Planning Attorneys

Unsworth LaPlante, PLC

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Blog Subscription

Sign up to Unsworth LaPlante's estate planning blog to receive all the latest news and updates.

  • This field is for validation purposes and should be left unchanged.

Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

Map

unsworth_sidbr_map

Office Hours

Monday8:00 AM - 4:00 PM
Tuesday8:00 AM - 4:00 PM
Wednesday8:00 AM - 4:00 PM
Thursday8:00 AM - 4:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

The information on this Vermont Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

American Academy of Estate Planning Attorneys, Inc. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.