The 4 Essential Documents In a Successful Estate Plan

It is important to have the following documents as part of a complete estate plan:
 
1. A Will, validly created and executed, that specifies your wishes for property distribution.
 

2. Documentation of your choice for guardianship of both your children and the assets left to care for them. If you have children under the age of 18, your will should specify that a trust be formed to hold and manage your financial assets until your children reach an age that you feel is sufficient for them to manage the assets on their own. It often may make sense to have different people chosen for the role of physical guardian and asset trustee.
 

3. Durable power of attorney that specifies a person that you trust that can step in if you are incapacitated to handle financial matters and pay bills while your estate is settled. Not just any power of attorney off the shelf will do – the power of attorney must be durable so that your incapacitation will not automatically cancel the power of attorney.
 

4. An Advanced Medical Directive that sets forth your wishes to your family and doctors regarding the medical treatment you would want to receive in the event that you cannot make or communicate choices at the time they need to be made. This document also may include a section stating your wishes regarding whether or not you would like to make an organ donation.
 

Making these decisions and taking care of the documentation correctly now will greatly help your family cope with a terrible situation. It will also ensure that you will have a say in your family’s future and well-being.
If you have any questions about the documents mentioned above, call us today at 804-290-7990.