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Important documents needed for estate planning

When building your estate plan they are a few documents you’d need to include. These documents will ensure your estate plan is consturcted the best way possible. Your estate plan ought to includ the following:

  • Last Will & Testament

This document determines how your assets are divided up after your death and serves as your will. Additionally, it designates a guardian for your children who are still minors. In the event that you pass away before your children reach the age of majority, the guardian will be responsible for their care.

  • Trusts

 There are many distinct varieties of trusts that can be established. Your attorney specializing in wills and estate planning will guide you through the process of selecting the form of trust that is most suitable for you and your loved ones. Certain trusts are revocable, which means that their terms can be modified at any moment during the grantor’s lifetime. Some of them are irrevocable, which means that you cannot make any changes to them unless you go through the proper legal channels.

  • The Power of Attorney for Financial Matters

 Should you become unable to manage your finances, this paper enables another person to do so on your behalf. Before a person passes away, this is one of the documents that is utilized. Even though you have no intention of falling ill or getting into a serious accident, these things are nonetheless possibilities. You have the ability to tailor the financial power of attorney to grant the person you pick as much or as little authority as you see fit, depending on your preferences. You can even establish different powers of attorney for each account and/or transaction you have with your financial institution.

  • Authorization to Act on Healthcare Matters

 The healthcare power of attorney allows you to name one or more individuals to make decisions regarding your medical care on your behalf in the event that you become incapacitated and unable to make those decisions for yourself.

  • Living Will

 Your family and your doctors will know what to do in the event that you require ongoing life support if you have a living will. In the event that you become incapacitated and require the assistance of a feeding tube for the rest of your life, or if your loved ones are unsure whether or not they should attempt to resuscitate you due to the severity of your condition, or for any other reason, a living will details the procedures that should be followed.

  • Consent to Treatment for Children 

In the event that you are unable to make decisions regarding your minor children’s medical care, you have the option of naming another person to make such decisions on your behalf.

Your estate will have to go through probate if your last will and testament is rejected by the court because it does not adhere to the legal requirements established by statutes; otherwise, it will be as if you never created a will. Even while it could be appealing to do it yourself or use a straightforward online option, only an estate planning attorney can make sure that your desires are created, intended, and carried out properly. To make a new estate plan or to make changes to an existing one, speak with an estate planning attorney.

Wrapping up

Some people decide to draft their own estate papers in the hope of saving time or money. However, if these documents are prepared incorrectly, there could be serious legal repercussions. In addition, the court will declare the documents void if they are not properly performed. 

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