Estate planning is an important part of planning for the future and for loved ones. Having a comprehensive estate plan can provide peace of mind for both the estate planner and their loved ones. For that reason, estate planners should be familiar with what estate planning documents to include in an estate plan.
Documents estate planners should be familiar with and should consider when estate planning include the following.
A will
A will is used as a foundational component of an estate plan that is used to distribute the estate planner’s assets and property to the estate planner’s beneficiaries included in the will. Wills must meet certain requirements to be considered valid. The estate planner’s will needs to meet the will requirements where they are executing the will so the estate planner needs to be familiar with what those requirements are in their state.
A trust
A trust can be used by itself or with a will as part of the estate planner’s estate plan. Trusts can be used to transfer assets more easily and without the need for the probate process. Estate planners should be familiar with the technical requirements and benefits of a trust.
An advance healthcare directive
An advance healthcare directive can be used to enumerate the types of medical care and treatment the estate planner wishes to receive and also the medical care and treatment the estate planner does not wish to receive. It can include specifications for end-of-life treatments and resuscitation. It can also designate a trusted individual to direct the estate planner’s medical care and treatment if they become incapacitated and are unable to do so for themselves.
A power of attorney
A power of attorney can be used for medical or financial purposes and can be used to designate a trusted individual to direct the estate planner’s financial affairs if they are unable to do so for themselves.
Estate planning should be carefully considered because of its importance for the estate planner and their family members. Knowing what to include in the estate plan can help estate planners develop an estate plan that is best for them.
