WHAT ARE THE BASIC DOCUMENTS THAT I NEED?
There are some basic documents for estate planning that everyone ought to have. These documents include:
- Financial Power of Attorney
- Health Care Power of Attorney
- Living Will Declaration
- HIPAA Release and Authorization
- A document stating the plan for dividing assets (i.e., a Last Will and Testament or Revocable Trust)
- Proper beneficiary designations, coordinated with the Will or Revocable Trust
A person without all of these documents is missing one or more important piece of the puzzle, which can derail plans or put loved ones in a very difficult situation.
The word basic may be misleading because these important documents need to be more than standardized forms with the blanks filled in. What these documents say and the decisions that they make need to be coordinated with your goals, your objectives and your other documents.
The purpose of these documents is to avoid confusion and uncertainty if something happens to you and you are not able to provide the guidance that everyone relies upon. If the documents are not prepared properly, your loved ones will struggle to attempt to attend to your affairs after death or incapacity.
Return to Estate Planning FAQ |
