No matter what you think of estate planning, you need to have the plan to provide for your loved ones after your death. It may sound sad to plan for things like death and incapacitation, but every person needs to have an estate plan in place that makes room for contingencies. You may find online services that allow you to create estate planning documents in clicks, but these are rarely reliable. More importantly, every person’s situation is unique, and it makes sense to seek legal opinion from an expert estate lawyer. In this post, we are discussing common estate planning documents.
- Wills: A will is a document that decides who gets your assets and properties after your death. The document also allows you to choose a guardian for your minor kids and name an executor who will ensure that the will is honored. Wills have to go through the probate process, which can be time-consuming.
- A POA for finance: Better known as a durable power of attorney for finances, this estate planning tool allows you to choose someone who will make financial decisions if you are unable to take care of your finances because of your health or incapacitation.
- An advance directive: Also known as a living will, an advance directive allows you to make your wishes known concerning end-of-life years. For instance, you could decide that you don’t want to be put on a ventilator or don’t wish for a particular procedure.
- A medical power of attorney: Similar to the durable power of attorney for finances, this document allows you to choose a person who will make health-related decisions for you and honor your wishes.
- A living trust: If you don’t want your loved ones to go through the probate process, you can consider creating a living will and transferring some of your assets to the trust. You can also choose trustees for the trust, and a revocable trust can be modified when needed.
Get an attorney
Not everyone needs a trust. Not all estate planning documents are for everyone. Talk to your attorney to know whether you should have a durable power of attorney for finances or whether a will is enough for your financial situation. Most lawyers ensure that clients don’t have to deal with complicated paperwork, and you can also seek customized advice on all relevant matters that are special to your circumstances. For instance, if you have a blended family, you should definitely have an estate lawyer.
More: Living trust Nevada