The 4 Most Important Estate Planning Documents

Important Estate Planning Documents

Proper estate planning is a tedious process, but it ensures your family’s financial future in the event of incapacitation or death and protects what matters to you!

Without proper estate planning, probate may be expensive, time consuming and possibly lead to the unjust distribution of assets.  There are four important estate planning documents you will need to complete. This includes a Last Will, a Durable Power of Attorney, a Living Will, and possibly setting up a revocable trust.

There are still an array of documents needed in addition to these four important estate planning documents. However, let us first take a look at the big four estate planning documents must-haves.

Last Will and Testament

Executing a Will is most likely the first thing that comes to mind when preparing an estate plan. A will is a legal document that allows you to distribute assets after death. Without a Will, assets pass via intestacy laws and therefore may not be as you wish. Since these assets in a Will are distributed after death, a Will still goes through the court-supervised probate process.  

Durable Power of Attorney

A durable power of attorney is one of the essential must-haves when estate planning as it protects you in case of incapacity. It is a document that states who your legal agent is and allows them to handle legal and financial affairs on your behalf during your life.

The agent has a legal right to act on your behalf. In case of incapacity without a power of attorney, the court will have to appoint a Guardian to take control of your person and assets.

Living Will/Designation of Healthcare Surrogate

A Living Will designates a healthcare surrogate and grants authority to make medical decisions on your behalf in case of incapacity. You may also include directives to guide your surrogate in making healthcare decisions on your behalf.

Revocable Living Trust

A revocable living trust allows you to appoint a trustee of your assets and grants you more control over the distribution of assets after death.  However, as Settlor of the trust, you still have authority and control over your assets in your lifetime. The trustee will distribute assets to beneficiaries per the trust after death. Unlike a Will, a revocable living trust is private and does not go through the probate process.

13 thoughts on “The 4 Most Important Estate Planning Documents”

  1. Hi my family member I want to say that this post is awesome nice written and come with approximately all significant infos I would like to peer extra posts like this

  2. Hi my loved one I wish to say that this post is amazing nice written and include approximately all vital infos Id like to peer more posts like this

  3. Stumbling upon this website was such a delightful find. The layout is clean and inviting, making it a pleasure to explore the terrific content. I’m incredibly impressed by the level of effort and passion that clearly goes into maintaining such a valuable online space.

  4. Fantastic beat I would like to apprentice while you amend your web site how could i subscribe for a blog site The account helped me a acceptable deal I had been a little bit acquainted of this your broadcast offered bright clear concept

  5. The breadth of knowledge compiled on this website is astounding. Every article is a well-crafted masterpiece brimming with insights. I’m grateful to have discovered such a rich educational resource. You’ve gained a lifelong fan!

  6. What i do not realize is in fact how you are no longer actually much more wellfavored than you might be right now Youre very intelligent You recognize thus considerably in relation to this topic made me in my view believe it from numerous numerous angles Its like men and women are not fascinated until it is one thing to do with Lady gaga Your own stuffs excellent All the time handle it up

  7. I loved as much as youll receive carried out right here The sketch is attractive your authored material stylish nonetheless you command get bought an nervousness over that you wish be delivering the following unwell unquestionably come more formerly again as exactly the same nearly a lot often inside case you shield this hike

  8. I am not sure where youre getting your info but good topic I needs to spend some time learning much more or understanding more Thanks for magnificent info I was looking for this information for my mission

  9. What i dont understood is in reality how youre now not really a lot more smartlyfavored than you might be now Youre very intelligent You understand therefore significantly in terms of this topic produced me personally believe it from a lot of numerous angles Its like women and men are not interested except it is one thing to accomplish with Woman gaga Your own stuffs outstanding Always care for it up

  10. of course like your website but you have to check the spelling on several of your posts A number of them are rife with spelling issues and I in finding it very troublesome to inform the reality on the other hand I will certainly come back again

  11. What i do not realize is in fact how you are no longer actually much more wellfavored than you might be right now Youre very intelligent You recognize thus considerably in relation to this topic made me in my view believe it from numerous numerous angles Its like men and women are not fascinated until it is one thing to do with Lady gaga Your own stuffs excellent All the time handle it up

  12. What i dont understood is in reality how youre now not really a lot more smartlyfavored than you might be now Youre very intelligent You understand therefore significantly in terms of this topic produced me personally believe it from a lot of numerous angles Its like women and men are not interested except it is one thing to accomplish with Woman gaga Your own stuffs outstanding Always care for it up

Leave a Comment

Your email address will not be published. Required fields are marked *