5 Key Estate Planning Documents
Many people hate the subject matter of estate planning, but it is important. Once you go, you do not want to add more stress to family and friends. The fifth document can provide the basis for your estate plan, but be sure to consult with an attorney or appropriate authorities when making your plans.
1) Will – A will be only one set of instructions on how to distribute your assets to your loved ones and charity upon your death. Be aware, however, that the will is subordinate to each designation receiver you have made an investment and retirement accounts.
2) Durable Power of Attorney – You name another person to act on your behalf, with limited strength or broad as you want. Choose carefully because these people can, in effect, buying and selling assets. A "durable power of" allowing someone to act on your behalf if you are disabled and ends upon your death. You can explore Mesa estate planning attorney from various online sources.
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3) Health Care Power of Attorney – This document authorizes someone to make medical decisions on your behalf if you cannot.
4) Living Will – This document describes your wishes regarding the use of life-sustaining treatment in the event of terminal illness. It is best used in conjunction with a health care power of attorney because life will not give you the authority to speak for you.
5) Cancelled Living Trust – Broadly speaking, this document provides for the management of financial affairs during your lifetime, after death and for future generations. This belief helps your estate avoid probate, reduce the risk of personal information becomes public record.