When it comes to securing and ensuring your legacy, comprehensive estate planning is the way to go. Estate plans help set in stone your intentions with financial, personal, and legal decisions. To help you navigate this important process, here are three basic estate documents you should know about. These papers will not only protect your wishes but also provide clarity for your loved ones.
- Last Will and Testament: The cornerstone of any well-rounded estate plan, a Last Will and Testament guides the distribution of your assets upon your passing. Through this document, you can do things like specify beneficiaries, allocate assets, or nominate guardians for any dependents. Not having a will in place can lead to some messy situations, as you could go through a process known as “probate” where the state may dictate how your assets are distributed.
- Durable Power of Attorney: Designating a Durable Power of Attorney empowers someone to make financial decisions on your behalf if you are incapacitated. This document ensures that your bills are paid, investments are managed, and other financial obligations are met, and keeps things running smoothly when you are unable to.
- Medical Power of Attorney: Also referred to as a Healthcare Proxy, a Medical Power of Attorney grants someone the authority to make medical choices for you, should you become incapacitated. By having this document in place, your chosen person can make medical decisions on your behalf and ensure you get the care you want.
These three papers make up the core of a solid estate plan. They make sure your wishes are followed and help your loved ones avoid unnecessary stress during tough times. While it might not be the most fun thing to think about, having these documents in place can give you peace of mind and make things easier for your family. Keep in mind, these documents are the “bare bones” of an estate plan. Some individuals may have a need for a more complicated structure depending on their situation. While WJ Interests can’t draft these documents, we’re here to connect you with a legal team that can tailor an estate plan to fit your needs.