It is never too early to plan for the future. Specifically, estate planning is highly important. Sorting out your assets now can save a lot of time, energy, money, and stress down the road. However, it can be difficult to know where to start with estate planning. Luckily, DaMore Law is here to assist. Let us take a look at 5 documents you need for estate planning.
Will And Testament
Essentially, a will lets you choose what happens to your possessions after you are gone. Additionally, this means you decide what is in the best interest of your children and/or pets. You can use your will to name the guardians of your children in the event of your passing.
Much like the name implies, a living trust designates a “trustee.” This is someone of your choice to manage your property. A living trust can also save money on taxes in the long run.
Health Care Power Of Attorney
If you become incapacitated you need to make sure someone you trust is in charge of medical decisions. This is where a health care power of attorney comes into play. Then if you are unable to communicate any longer, this document becomes essential for your estate planning.
Your beneficiary is someone who inherits assets when you pass away. This is used for things such as life insurance, retirement plans, and bank accounts. It is incredibly important, as they decide who receives what. Additionally, they even take precedence over what is instructed in your will. They are, in a nutshell, very powerful and important documents.
Durable Power Of Attorney
This decision should not be put off when it comes to your estate planning. Essentially, a durable power of attorney is someone that acts on your behalf if you are no longer able to make decisions. Make sure you have this particular issue settled early on. If something unfortunate were to happen and you never designated someone to act on your behalf, this can become a major liability.
With You Every Step Of The Way
These are just a few of the documents present in estate planning. At DaMore Law, we know the world of estate planning can be complex and intimidating. That’s why we always go above and beyond for you. We are eager to help you with everything from simple wills to detailed revocable trusts. Let’s uncomplicate your future together. Contact us today to learn more.