What are some basic things I should consider in my estate planning?
You don't need to have a net worth of millions to need an estate plan. This is a part of making your final arrangements and ensuring that your wishes are carried out and those you have identified are cared for. There are basic documents you should have in a safe place.
Will This written document indicates who you want your assets to be given to when you die. If you do not have one, the state will decide and any desires on your part or your heirs will not be considered. This should be created and adjusted as your circumstances and desires change.
Power of Attorney Having this document prepared in advance allows someone you trust will step in and represent you if you become incapacitated. There are different kinds of Powers of Attorney. Two that are directly related to estate planning are a "springing power of attorney" which goes into effect when conditions you stipulated occur. This may mean that you are incapacitated and doctors verify this to a court. Another is a "durable power of attorney" which doesn't require any evidence to be used.
Living Will This is sometimes called an advance medical directive and it expresses your desires as to the kinds of life sustaining medical treatment you do and do not want. You may be unable to tell doctors or family members about this later. Reduced to writing and being known will mean your wishes will be carried out.
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You don't need to have a net worth of millions to need an estate plan. This is a part of making your final arrangements and ensuring that your wishes are carried out and those you have identified are cared for. There are basic documents you should have in a safe place.
