August 2011 - OutreachNC Magazine
August 2011 - OutreachNC Magazine
August 2011 - OutreachNC Magazine
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Five important estate planning documents<br />
It may be the subject matter —death, incapacity and<br />
taxes— that causes us to avoid estate planning.<br />
However, the fact is that, no matter what your age or how<br />
much wealth you’ve accumulated, you need an estate<br />
plan to protect yourself, your loved ones and your assets<br />
— both now while you’re still active as well as after your<br />
death. Having an effective estate plan is one of the most<br />
important things you can do for your family.<br />
Being organized may make your meeting with your<br />
attorney more productive and may expedite the planning<br />
process. But before visiting with your legal counsel, you<br />
need a basic understanding of the documents he or she<br />
may recommend for your plan.<br />
1. Will. A will simply provides instructions for distributing<br />
your assets to your family<br />
and other beneficiaries<br />
upon your death.<br />
2. Durable power of<br />
attorney. A power of<br />
attorney is a legal document<br />
in which you name another<br />
person to act on your behalf.<br />
This person is called your<br />
agent or attorney-in-fact.<br />
You can give your appointed<br />
agent broad or limited<br />
management powers.<br />
3. Health care power of<br />
attorney. A durable power<br />
of attorney for health care<br />
authorizes someone to<br />
make medical decisions for<br />
you in the event you are<br />
unable to do so yourself.<br />
4. Living will. A living will<br />
expresses your intentions<br />
regarding the use of lifesustaining<br />
measures in<br />
the event of a terminal<br />
illness. It expresses what<br />
you want but does not give<br />
anyone the authority to<br />
speak for you.<br />
5. Revocable living<br />
trust. By transferring<br />
assets into a revocable<br />
trust, you can provide for<br />
continued management of<br />
your financial affairs during<br />
your lifetime (when you’re<br />
incapacitated, for example),<br />
at your death and even for<br />
generations to come.<br />
www.<strong>OutreachNC</strong>.com<br />
Once you have executed the<br />
appropriate documents for your<br />
planning needs, you should<br />
review them periodically to<br />
ensure they remain up to date.<br />
Baker, a financial advisor with<br />
Wells Fargo Advisors in<br />
Pinehurst can be reached at<br />
(910) 692-3000.<br />
<strong>OutreachNC</strong> • <strong>August</strong> <strong>2011</strong> 25<br />
Wells Fargo Advisors does not provide legal or tax<br />
advice. Be sure to consult with your tax and legal advisors<br />
before taking any action that could have tax consequences.<br />
Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in<br />
your state. Trust services available through banking and trust affiliates in addition to non-affiliated companies of Wells Fargo<br />
Advisors. Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE<br />
VALUE. Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells<br />
Fargo & Company. ©2010 Wells Fargo Advisors, LLC. All rights reserved.<br />
State-of-the-art wound healing centers<br />
in Pinehurst & Rockingham<br />
Every wound has its unique set of circumstances. FirstHealth of the Carolinas’ Wound Care<br />
& Hyperbaric Centers are equipped and staffed to address them all, with most treatments covered<br />
by Medicare/Medicaid, HMOs, and other private insurance plans. We are experts at caring for people<br />
whose open sores have resisted traditional treatment.<br />
For more information, call (910) 715-5901 in Moore County or (910) 417-3636 in Richmond County.<br />
www.fi rsthealth.org/wound<br />
Planning Ahead<br />
James Michael Baker<br />
612-40-11