The Top 4 Estate Planning Documents that Everyone Needs
A comprehensive estate plan can protect you, your family, and your assets
Estate planning does not have to be difficult and you should consult a trained legal advocate to guide you through the process and explain the purpose and advantages of different must-have estate planning documents.
Below, we go over the four essential estate planning document everyone should have in order to rest easy at night, knowing that your loved ones will be taken care of. At Covenant Columns we can help you with Assisted Living for your loved ones on price that fits our budget.
Last Will and Testament
The cornerstone of a good estate plan is a last will and testament. This document directs how you want to dispose of your property. It gives you the opportunity to hand pick an executor who will carry out the final wishes detailed in your will.
This is also considered one of the must have estate planning documents for the parents because they can name a guardian who will be responsible for taking care of their children in case they are still minors at the time parents’ passing.
Durable Power of Attorney
A durable power of attorney allows you, the principal, to appoint an agent to act on behalf regarding financial transactions, especially if you become incapacitated.
The agent you name should be someone you trust because he is she will be able to conduct important financial business on your behalf, such as:
· Having access to your bank account
· Filing your taxes
· Selling your home or personal property
· Paying your bills
· Having access to your financial records
This is a business agency relationship in which you give your agent access to your money to get things done that you are unable to do yourself.
Healthcare Power of Attorney
This document appoints an agent who can make medical decisions for you if you are unable to make these decisions for yourself. This person can make treatment decisions regarding your healthcare as well as end-of-life care.
Living Will Advance Directive
A living will advance directive is a document that details the type of medical treatment that you do or do not want to receive in the event of end-of-life decision.
For example, if you are in a vegetative state with no brain function, and machines and medicines are only keeping your body function, you can state that you want them to be removed so you can die naturally.