Materials to Include in an Estate Plan
An estate plan is an essential set of legal documents that can benefit many people of various income levels. Having an estate plan can serve a variety of functions, such as protecting your assets, giving your assets to beneficiaries, reducing your taxes, and much more. Many people assume that estate planning is reserved for the wealthy, but that is far from the truth. An estate planning lawyer like one at McCarthy Law, LLC can help you create your plan. Some of the things that you may want to include in your estate plan are below.
Will
A will is a document that many people are familiar with. A will allows you to state your values and preferences for how you want your estate to be handled and distributed to loved ones after your death. It allows your beneficiaries to receive their inheritance without issue and ensures that your assets are taken care of in a manner that you approve of.
Living Will
Unlike a standard will, a living will is meant to address healthcare treatments and procedures that you consent to. It involves all future healthcare needs that you will receive should you become incapacitated, and no longer able to communicate your wishes to loved ones and your medical team. Having a living will prepared beforehand, prevents any legal issues or complications, and it helps your family determine what type of medical care is best for you and also aligns with your preferences.
Powers of Attorney
A power of attorney can come in different forms, such as healthcare power of attorney and financial power of attorney. The purpose of these documents is to designate a trusted individual legal authority to make decisions on your behalf in the event that you cannot communicate your wishes or preferences yourself. These individuals are people that you can trust, such as your spouse or close relative that understands your values and can affirm your decisions.
Guardianship Designations
Determining who you want to take care of your children is highly important, and it is best that you do so while you are healthy and can communicate your guardianship plan. If you have one or multiple children, you need to designate guardianship for them in your estate plan. A guardian for your children should be someone who you know well, trust, and have the same parental value as you. They should be someone your children are comfortable with as well. Naming a guardian is crucial so that your children’s needs can be legally met.
For more information about creating an estate plan and what documents to include, schedule a consultation with a trusted and qualified estate planning lawyer like one at McCarthy Law, LLC now.