Have you started an estate plan?
An estate plan is crucial so that your family isn’t left without the means to pay the bills and make important decisions when you die. Getting started on your estate plan should be your priority, but there are many types of documents that you need to work through before you have an estate plan.
You have to fully understand your estate plan documents before you start.
We’ll walk you through estate plan documents, including what they are and why you need them in your estate plan. Keep reading to get the rundown on estate planning starting today.
Last Will and Testament
It is the only document that ensures that upon your passing, your wishes will be respected. Within this document, you will provide instructions for naming a personal representative to manage your:
- Estate and distribute assets
- Guardianship of minor children
- Disposing of your property
- Outstanding debts, taxes, or final expenses
Crafting a Last Will and Testament can take time and consultation with legal professionals; in some cases, you may also be required to appear in front of a witness and a notary public for validation.
Revocable Living Trust
It is an important estate plan document that should be reviewed and updated on a regular basis. Getting ready for your estate plan document can be a daunting task. It is important to be prepared for the entire process and to create a strategy for making sure you have all the documents you need in place.
It is wise to speak with a lawyer or financial advisor who can help you understand the documents and plan for your beneficiaries. You may also need to collect legal paperwork and documents such as birth certificates and death certificates for any family members.
Durable Power of Attorney
This document is especially important in cases of incapacitation. Thus, it is wise to create a preparation for any unforeseen events. It can provide peace of mind to both the document-grantor and their family members. The document grantor must name a representative that they trust.
They must then decide what financial decisions the representative will be able to make for them. It must be a legal document signed by the document grantor and witnesses.
Healthcare Power of Attorney
An HCPOA gives someone the authority to make decisions regarding your health care on your behalf, such as medical treatments and other decisions related to end-of-life care. When establishing an HCIPOA, you will want to select someone who you trust and who knows your wishes, values, and goals.
This person should also be familiar with your medical history and any wishes you have expressed about your health care. Additionally, you may want to select an alternate power of attorney in case the first person named is not available or unable to act on your behalf. Call today to speak to an experienced estate planning attorneys and get ready for the future.
Exploring The Importance Of Estate Plan Documents
Estate planning is an important step for preparing for the future. This has served as a helpful overview for knowing the key documents and steps for getting ready and provides the information needed to make sure your final wishes are in place. Don’t wait, speak with your trusted adviser today to secure your future.
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