Three Important Documents to Include in Your Estate Plan

For most of us, creating an estate plan is something that usually gets put off for another time. Yes, estate planning and the circumstances surrounding it are a difficult topic, but necessary. Here, we’ll provide you with some of the most important aspects of estate planning, so you have a better understanding as to why you need to start your estate plan now:

To Start: A Power-of-Attorney

The first document you should have as part of your estate plan is a Power-of-Attorney. This is a legal document that grants another individual the ability to make certain medical or financial decisions on your behalf. Decisions include liquidating assets, managing your insurance and, in the case of a medical power-of-attorney, ensuring you have the medical care you desire.

Next Up: A Living Will

The next thing on your list should be a living will. This is a document that specifically outlines your medical wishes, should you become incapacitated and unable to make those decisions on your own. Decisions include:

  • Certain life-prolonging treatments, including surgery, medication and blood transfusions.
  • Palliative care or pain relief options.
  • Life support.
  • Administration of water and food (tube feeding).
  • DNR (Do-not-resuscitate) orders.

Number Three: Your Will

Writing a will is a crucial part of estate planning. This document serves two purposes: First, it outlines who receives your assets and property after you’ve passed away. Second, it designates who will be the guardian of any minor children you have. Without a will, a court makes those decisions for you.

For more information on estate planning, contact us.