Estate plans address mortality and even personal emergencies. The documents that individuals draft allow them to protect their loved ones and themselves in difficult circumstances.
There are many different state planning documents that people can establish, but some are more universally necessary than others. The three documents described briefly below are arguably the most important estate planning documents an individual may draft.
1. A will
A will is a simple testamentary instrument that names beneficiaries, distributes property and even appoints someone to serve as a personal representative or executor. People often draft wills early and then update them regularly.
2. Powers of attorney.
Adults without spouses have no one to assist them should an emergency arise. Parents, siblings and unmarried romantic partners typically lack the legal authority necessary to direct medical care or manage financial matters. Even those with spouses may want to use powers of attorney to protect themselves from scenarios in which both spouses experience the same incapacitating incident, such as a car crash.
3. An advance health care directive
Even the person selected as agent in power of attorney documents may feel uncertain about an individual’s medical preferences. They may struggle to make decisions about treatment. Advance directives provide clear guidance on specific medical wishes.
There are a variety of other documents that could also prove beneficial, such as the paperwork necessary to establish a trust. Adults often need support as they create an estate plan that upholds their personal wishes and values. Discussing existing documents and personal preferences with an estate planning attorney can help testators properly protect themselves and their dependent loved ones.