Avoid Family Financial Conflicts With These 5 Documents

Many people fail to have the proper estate planning documents, so at a time of serious illness or death; there is uncertainty, which creates discourse and strife from which some families never recover.

According to Michael Chamberlain, CFP®, there are five documents you need to minimize confusion and conflict in your family:

  1. The Advanced Health Care Directive, a specific form that lists your health care preferences to be used at a time when you cannot communicate your wishes.
  2. Power of Attorney for Asset Management appoints those you trust to handle your financial affairs.
  3. HIPPA Release Form, to give others the ability to deal with insurance matters on your behalf.
  4. A Will to transfer your assets upon your death.
  5. A Living Trust is the preferred method of transferring assets upon death for many people, and may provide some estate tax benefits.

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