Contrary to what some of us assume, you don’t have to be ultra-wealthy to create an estate plan. If the ongoing Covid-19 pandemic is any indicator, life is unpredictable, and it is important to address various contingencies and your concerns. Consider consulting an estate planning lawyer Mullica Hill to know what you should do for your circumstances and existing assets. Below are some key documents you must have.
Last Will & Testament
This is the basic estate planning document that one should consider drafting at the earliest. You can use your Will to determine who inherits your assets after you are gone. You can also choose an executor for your Last Will & Testament and name the guardian for your minor children. A will comes into effect after your death, and you can change it anytime you want.
You can also consider creating a trust and transferring your assets into it, which will be managed by a trustee of your choice. You can also be a trustee of your trust. A revocable trust allows you to transfer your assets back into your name when you want. When it comes to something as important as creating a trust, let estate planning attorneys advise you on the matter. There is no one-idea-for-all approach for creating estate plans.
Financial Power of Attorney
A Power of Attorney for finance authorizes a person of your choice to make financial decisions for you if you cannot do so yourself because of an illness or other reasons. A Power of Attorney is an important and critical document, and it is extremely important that you choose someone you can trust. You can always alter or change the document when you want.
Medical Power of Attorney & living will
A Power of Attorney for healthcare authorizes someone to make medical decisions on your behalf if you become incapacitated. This is a type of advanced healthcare directive. You can also consider having a living will, which allows you to express your wishes about critical and end-of-life care. A medical Power of Attorney allows your family members to honor your wishes.
You may come across estate planning services that promise to automate the process online, but this is not something to be taken for granted for saving a few bucks. An attorney can advise on key aspects that matter for creating a rounded, comprehensive plan along with tips and practical ways to save on taxes.