Though thinking of leaving your family may not be the happiest thought, knowing that they have provision can bring some solace. Planning your estate may be critical to the well-being of your family. It can help to alleviate both financial and emotional burdens. For a proper estate plan, you should compile a few key documents as soon as possible.
A will is a common staple of any estate plan. The will usually details to whom you want various parts of your estate to go and in what portions. Some individuals even provide details of how they wish their funeral to proceed. Your will can be formal or personal. Considering that it usually stands as an individual’s last words, it usually is a combination of the two.
Depending upon the extent of your estate, you may need a power of attorney or a trust. Your power of attorney denotes the attorney whom you choose to handle any additional legal or financial decisions or situations that may occur once you pass away. In the case that you have children to whom you have left an inheritance, a power of attorney may be in order if they are not of the proper age or mental state to take control of their inheritance at your time of passing. Regarding inheritance, you may also set up a trust, which is a legal document that holds a certain amount of your estate for specific individuals until a specific time. You have the full reign to decide upon and denote these specifics in the document.
You may have need for other documents if you have a larger estate, such as a medical power of attorney depending upon your medical condition. However, the above-mentioned core documents are a great start for ensuring the proper maintenance and distribution of your estate after your passing. It may be beneficial to discuss any questions or additional options with an attorney versed in estate planning.