The concept of estate planning may raise the notion that you must be a millionaire or have a consider amount of assets to pass on to one’s heirs. Indeed, that does not describe most of our realities. In fact, ordinary people can have an estate plan
Moreover, you can have an effective plan without spending tens of thousands of dollars on a complex set of documents that only actuaries understand. After all, your loved ones will have to understand what your wishes are in the event you are incapacitated or pass away. With that, this post will highlight some basic documents that can be a part of your plan.
A Will – Most people know about this document, but may be unsure of its overall purpose. You’re basically explaining how you want your property divided. Think of it as a road map for people to follow in order to administer your estate.
A Durable Power of Attorney – This document helps you appoint someone to act as your agent for legal and financial decisions, such as selling property and paying debts.
Healthcare Directive – This explains how you should be cared for at a hospital in the event you cannot express yourself. Think of it as a power of attorney for medical decisions. For instance, you can give instructions regarding continuing life saving procedures if your condition reaches a certain point.
If you have additional questions regarding these and other estate planning documents, an experienced estate planning attorney can advise you.
The preceding is not legal advice.