Five Essential Estate Planning Documents Everyone Should Consider
Estate planning is the systematic approach to organizing your personal and financial affairs in order to deal with the possibility of mental incapacity and certain death.
Depending on your current family and financial situations, your foundational estate plan should include these five essential legal estate planning documents.
- Will. A will allows you to nominate a personal representative and express your wishes about where you want your assets to go after you die. The personal representative is in charge of managing your estate and carrying out your directions in distributing your assets.
- Durable Power of Attorney for Finances. A power of attorney allows you to appoint a person you trust to conduct financial business for you as your agent if you are unable to manage your own finances.
- Durable Power of Attorney for Health Care: A power of attorney allows you to appoint a person you trust to make health care/medical decisions for you if you are unable.
- Advance Health Care Directive. This document that would go into effect when you become incapacitated and no longer able to communicate with your doctors regarding your care and end of life decisions.
- Cremation Directive. This document sets forth your burial and funeral choices which guides your loved ones regarding your end of life wishes.
All Estate Plans should contain these five documents. We will be able to assist you with preparing all of these documents and customize them for your situation.