06/13/2024
Essential Estate Planning Documents
Ever wondered what a basic estate plan consists of? These documents form the core of most estate plans:
Will:
Your will is your last opportunity to make your wishes known. With a will, you can decide who will get your assets after you're gone. A will also lets you designate a funeral representative to be in charge of your services. For those with minor children, a will also lets you nominate a guardian to take care of them after you're gone and provide for their financial support. Your will is the core document of your estate plan.
Durable Power of Attorney:
A power of attorney lets you nominate one or more people to deal with banks, insurance companies, government agencies, and more on your behalf. However, this document is only effective while you're alive. Why is it a core piece of an estate plan then? Because a comprehensive estate plan should also plan for if you are incapacitated and unable to manage your financial life yourself. Having a properly designed power of attorney in place can help prevent the need for costly guardianship proceedings.
Healthcare Directive / Living Will:
A healthcare directive lets you decide who will make medical decisions for you if you are unable to make them yourself. You can also create a living will, often part of the same document, to make your end-of-life wishes known regarding life support, artificial nutrition, and CPR.
Other Documents:
There are various other documents that I assist clients in preparing to help make the process simpler and easier for their loved ones if they die or are incapacitated. For example, I provide clients with organized forms to create asset lists so their family is not left guessing what accounts they have and at which banks. Or something as simple as a NJ DMV Transfer on Death form, a single-page document, which can help families avoid headache for transferring titles to vehicles. Another example is a HIPAA release form, which lets you authorize medical staff to talk to people of your choosing about your condition, should you end up in the hospital. These are only a few examples.
Every client's situation is different, and so every estate plan will be different. The documents above often form the core of a typical estate plan.
If you'd like to discuss your needs and concerns and work with me to develop or update a comprehensive estate plan, please reach out!
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Please note that the information above is for general information only and is not legal advice for any particular case or situation. Reading or interacting with this post does not create an attorney-client relationship. Descriptions of services offered do not imply or guarantee a particular outcome.