5 Must-Have Documents for Your Estate Plan
No matter the size of your estate, having an estate plan in place is vital. An estate plan will properly organize and protect your assets while securing your family’s financial future in your absence. However, creating an estate plan isn’t just about writing a will. Contrary to popular belief, there are several documents to include in your estate plan to ensure it’s comprehensive and effective. We’ll take a closer look at the must-have documents for your estate plan and what each of these filings can do for you.
Last Will and Testament
A will is probably the most important document in your estate plan. It outlines exactly which of your beneficiaries should receive your assets after your death. This document also allows you to elect individuals to take care of any minor children. This provides you with some say as to who these caregivers are and how you want them to handle your children’s welfare. Without a will, the laws of your state will make distribution decisions, which may not align with your wishes.
Living Trust
A living trust is also a vital document to pursue during your estate-planning process. This legal document allows you to transfer your assets to a trustee while you’re still alive, giving you more control over disbursing your estate yourself. A living trust is a useful tool for avoiding probate court, which can be time consuming and expensive. Probate court proceedings can also delay the distribution of the estate to your heirs, which can cause unnecessary stress and financial hardship.
Advance Health-Care Directive
You may have specific desires related to your personal health and wellness, but your existing medical issues might make it difficult for you to vocalize them. An advance health-care directive outlines your wishes for medical treatment if you cannot make these decisions for yourself. This document will ensure your loved ones know how you would like to undergo treatment if you become ill or injured. The more detailed you are with this filing, the more peace of mind you’ll have relating to your personal care in the future.
Durable Power of Attorney
Another must-have document for your estate plan is a power of attorney. Should you lose your ability to make decisions on your own, specifically those pertaining to your finances, a power of attorney lets someone else make those choices for you. This document will allow a family member, friend, or designated professional to handle your finances and make necessary decisions in your best interest.
Beneficiary Designations
Beneficiary designations on life insurance policies and other financial assets are also important components of your estate plan. Without proper beneficiary designations, your assets may not go to the individuals you want them to. Therefore, spending some time mapping out your beneficiaries as well as their corresponding inheritances is vital. This way, there will be no room for alternative interpretations of your wishes.
There’s more to an estate plan than many people think. As such, reaching out to an expert estate planning lawyer in Vancouver, WA, for assistance is crucial. Vancouver Wills & Trusts will work hard to find the perfect collection of documents for your situation and specific needs. Reach out to us today to learn more.