One question that many people ask is: What exact documents make up an estate plan?
There are several documents that each person over the age of 18 needs in order to handle issues that arise on incapacity or death:
- Will – is a must if you have minor children. It will nominate guardians for your minor children. It will also lay out your wishes on how to distribute your property at your death.
- Living Trust – unlike a Will, a Living Trust lays out your wishes on how your property should be managed during your life should you become incapacitated. The Living Trust also details how to distribute your property at your death.
- Financial Power of Attorney – appoints individuals to make financial decisions either now or triggered by your incapacity.
- Healthcare documents – there are 4 important documents –
- Living Will, which is end of life decisions (ie. do you want to be kept alive artificially);
- Healthcare POA/Mental POA, which appoints individuals to make medical decisions on your behalf should you be unable to do so; and
- HIPAA, which gives the ability for those named to be able to retrieve your healthcare information in the event that you can no longer give your permission.
Because an estate plan is not a ‘one size fits all’, it is important for anyone over the age of 18 to sit down and start establishing a basic estate plan. Please contact one of our experienced estate planning attorneys for a no-cost consultation to begin this important conversation.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
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