PERSONAL PLANNING vs. ESTATE PLANNING
Both Personal Planning and Estate Planning documents must be prepared when the Adult has the mental capacity to so; if the Adult suffers from mental infirmity when a document is signed, it is not valid. Having these documents drafted when you are in good health serves to ensure that your affairs can be managed when you need them to be.
WHAT IS PERSONAL PLANNING?
Personal Planning provides legal documentation for the Adult while they are living.
WHAT IS ESTATE PLANNING?
Estate Planning provides legal documentation regarding the Adult’s wishes for when they are no longer living.
Personal Planning is the act of making one or more legal documents that authorize your personal supporters to help you manage your affairs or make decisions on your behalf if you need assistance due to illness, injury or disability.
Your Will appoints an Executor wrap up your Estate. The Executor gathers up the estate, pays your debts and divides what remains of your estate among the “beneficiaries” (the people named in your will to receive a share of your estate). Choose an Executor you trust and who will likely still be alive when you die. He or she may be a trusted family member or friend; it helps if he or she is also a good book keeper and communicator. You should also appoint an Alternate Executor if the first Executor is unwilling or unable to act.