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The basic elements of any estate plan

On Behalf of | Dec 12, 2022 | Estate Planning

Passing away without an estate plan means you relinquish quite a bit of control over your assets and affairs. If you become incapacitated before your death without certain documents and plans established, someone else will make all your medical decisions, and it may be someone you don’t want in this position. 

With a simple estate plan, you can avoid these issues. It will also alleviate the stress on the loved ones you leave behind. 

A will

The will is the foundation of any estate plan. It determines who inherits what and clarifies your wishes in relevant parts of your life. You should be as specific as possible with your will to ensure there are no disagreements after you pass. 

The power of attorney

Naming someone on your power of attorney allows them to manage your financial affairs if you are incapacitated. This is important to ensure that your wishes are upheld and that the person you want to manage your money is in charge. It also ensures that your debts or bills are handled when you pass away. 

The advance directive

You will find several types of advance directives for your medical care. With these provisions,  you can designate whom you want to make medical decisions on your behalf and what you want to happen. For example, you can state if you want life-saving measures or include a DNR (do not resuscitate) order. 

Creating an estate plan that works for you

You must have a simple estate plan to ensure that your wishes are known and carried out after you pass away or become incapacitated. This will ensure that your wishes are known and that they will be upheld. Knowing the legal process will ensure that you handle this properly.