The X Essential Estate Planning Documents You Need
There are a few essential estate planning documents you will need for a successful estate plan. Read this article to learn what they are and why they are important.
Did you know that the number of young adults with a will have increased by 63% since 2020? Estate planning documents are crucial for all individuals to help with healthcare and financial wishes.
However, if you’re unsure how to get started, don’t worry with this guide; you can find out all you need to know! From constructing a living will to planning a letter of intent, you can learn what estate planning documents you need in Chandler, Arizona.
Now, are you ready to get started? Here’s a quick look at a few estate planning essentials:
1. A Living Will
First things first, construct a living will. A living will acts as instructions for physicians of your end-of-life preferences. So if you’re unable to communicate your living will, it helps family members and doctors make decisions about your care.
For instance, a living will states if you want a DNR, a feeding tube, or if you would like your organs donated. Having a living will makes your preferences known and allows you to decide on your care when you might not be able to speak for yourself.
It may also state a healthcare power of attorney, which is a person who can make executive medical decisions on your behalf. This person could be your spouse, sibling, friend, or loved one.
2. A Living Trust
A living trust, on the other hand, focuses on your assets. It’s a legal document that deposits your assets into a trust while you’re alive and identifies where they’ll go upon your death.
For instance, if you want your assets to go only to specific family members or all your money given to charity, a living trust documents that. It states your financial wishes of how you want your assets divided, and who receives them.
It’s widely used because it can be changed a number of times, and it may even allow your estate to avoid probate, which oftentimes is a long and costly process.
3. Power of Attorney
A power of attorney is the person you choose to act on your behalf and be in charge of your will if you, for whatever reason, are unable to do so. It’s crucial that you choose a power of attorney for your estate because if you don’t, a court may decide how your will and your assets should be overseen.
So make sure your power of attorney papers are drawn up and signed by both parties acknowledging the responsibility. That way, the courts recognize your wishes and have no reason to intervene.
4. Letter of Intent
A letter of intent often includes other information that isn’t supplied in the will or the trust. For example, a letter of intent may describe funeral arrangements, memorial wishes, and how an asset is to be prepared or given.
Unlike a will, letters of intent aren’t usually legal documents. Instead, they act as a source of additional information which can help fill gaps for the estate and answer questions for beneficiaries.
Use These Estate Planning Documents Today
It’s never too early to start planning your estate essentials. So to get started, make sure you have these important estate planning documents filled out and ready to go. These documents will ensure your estate will be managed and divided how you want and when you want.
Now, for more information about estate planning in chandler, contact us today. Citadel Law Firm looks for to helping you with any questions you may have! Call (480)565-8020 or click here to schedule your free consultation.