An estate plan is something you should create as a way of protecting yourself, your family, and your belongings, and there are a lot of different aspects of estate planning that you may or may not need to utilize. Here are three important aspects of an estate plan that you should consider completing as you begin working on your personal plan.
Write a will
A will is the most basic form of estate planning, yet it is a very powerful tool. Your will is the document that you can write all your final wishes in, and it can include instructions about so many different things. In your will, you can write wishes about your assets, what happens to your kids, and what you would like in terms of your funeral. A lawyer can help you know what to include and all the options you have so that you can write a good, effective, and thorough will.
Creating a living will
A second important aspect of estate planning involves creating a living will. A living will is very different from a regular will. Its primary purpose is for you to write your wishes for certain things when you are no longer able to make decisions on your own. A living will can also state what should be done to you if you are on life support. Should your family continue to let you live like this, or should they remove the support? Additionally, you should specify on your living will what you would like the doctors to do if your heart stops beating. Some people will want the doctors to try to resuscitate when this happens, while others will not want this. The choice is yours.
Choosing a power of attorney
The other aspect of estate planning you should think about is creating a power of attorney (POA). A POA is someone you designate to have power to make financial and medical decisions for you if you are not able to. If your health hinders you from being able to make decisions, the person named POA could take over these duties and responsibilities for you. Choosing someone you highly trust is vital if you decide to create a POA.
Estate planning is important if you want to protect your future and the future of your kids or close relatives. If you have not yet started working on your estate plan, contact an attorney for help or visit a site like http://wolfleylawoffice.com/ for more information.
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