The following documents should be included in your estate plan:
This informal document addresses financial and personal matters that must be attended to after your death.
These documents refer to health care directives, living wills, health care (medical) powers of attorney, and other personalized directives.
This document delegates the power to legally handle your financial affairs should you become disabled or incapacitated.
Financial adviser Jonathan D. Pond talks about the importance of a power of attorney and a letter of instructions to your estate plan.
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Just like a will, a revocable living trust is a written document that lets you direct how your property will pass after your death. Unlike a will, it also directs how you want your property managed during any disability.
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The power of attorney allows you to pick someone you trust to handle your affairs if you cannot do so yourself.
Most people consider a will the best tool to make their wishes known to relatives and to have those wishes carried out. Sometimes a living trust, alone or in combination with a will, offers a better solution.
Estate planning is a complex task. To do it right, you may need to seek the advice of more than one expert.
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