3 key components every estate plan should have

On Behalf of | Aug 19, 2021 | Estate Planning

Everyone benefits from having an estate plan, and you may feel especially inclined to make one if you recently had a child, got married or otherwise experienced a significant life event. Having even a basic estate plan offers many advantages, so do not feel as if yours has to be complex or highly detailed to be effective.

Instead, you may want to make sure that your estate plan includes at least these three elements.

1. A last will and testament

A will is often the foundation of your estate plan. Your will gives you a way to leave specific assets behind for specific people. It may also allow you to make other important decisions, such as appointing someone you trust guardian over your minor children.

2. An advance medical directive

Including an advance directive in your estate plan helps ensure that your wishes come to fruition with regard to your personal health care. Advance directives give your health care team or loved ones a sense of whether you want palliative care, whether you wish to donate organs and so on if you are unable to tell them yourself.

3. A financial power of attorney

Giving someone you trust financial power of attorney helps ensure that your bank accounts and financial affairs undergo proper management if you are unable to tend to them yourself.

While these are core elements most estate plans should have, this is not an exhaustive summary of all the elements or documents you may want to include in yours.