Making estate planning a priority is one of the most important things you can do for yourself and your loved ones. Unfortunately, many people put it off until it’s too late. Don’t be one of them! Estate planning is something that should be done as early as possible so you can make sure your wishes are carried out. In this blog post, we will discuss what estate planning is and what’s included in a full set of documents. We will also talk about why estate planning is so important and how it can benefit you and your loved ones.
What’s Included in an Estate Plan?
Estate planning involves much more than just drafting a will. A full set of estate planning documents typically includes the following:
-A will: This is a document that states how you want your assets to be disposed of upon your death. It can also appoint guardians for your minor children. A will is the most basic estate planning document.
-A living will: This document informs others of your wishes with respect to medical treatment if you are unable to communicate them yourself. You can let others know of your desires regarding end-of-life treatment, including things like being on life support
-A Durable Financial Power of Attorney: This names a person who will be able to make financial decisions on your behalf if you become unable to do so on your own.
-A Healthcare Power of Attorney: This empowers someone to make decisions regarding your healthcare if you become incapacitated. In a living will you communicate your desires regarding medical care; with a healthcare power of attorney you appoint someone to make those decisions on your behalf. It is important to have both documents.
-A Letter of Instruction: This is a document that provides guidance to your executor on how you want your estate to be handled. It can include instructions on funeral arrangements, estate distribution, and more.
Why You Need It
Estate planning is important for everyone, regardless of age or level of assets. By having a plan in place, you can make sure your wishes are carried out and your loved ones are taken care of after you die. estate planning can also help to avoid probate, which can be a long and expensive process.
If you don’t have an estate plan in place, your assets will be distributed according to your state’s laws of intestate succession. This means that your property will go to your closest relatives, even if you would prefer it to go to someone else. estate planning can help you avoid this by allowing you to choose how you want your assets to be distributed.
Estate planning can also provide peace of mind for you and your loved ones. Knowing that you have a plan in place can give you a sense of security and help to ease any anxiety about the future.
Making estate planning a priority is one of the most important things you can do for yourself and your loved ones.
What Happens After You Create an Estate Plan??
Once you have created your estate plan, it’s important to keep it up to date. You should review your documents periodically and make changes as needed. For example, you may need to update your will if you acquire new assets or if your beneficiaries change.
It’s also important to keep your estate planning documents in a safe place where they can be easily found by your loved ones. You should give copies of your Durable Power of Attorney and Healthcare Power of Attorney to the persons you have appointed as your agents. It’s also a good idea to give your executor a copy of your will and Letter of Instruction.
By estate planning now, you can ensure that your wishes are carried out and your loved ones are taken care of after you die. Don’t wait until it’s too late! If you have any questions about estate planning, please contact an experienced estate planning attorney in your area.
