You want to protect your friends and families even after your death, but estate planning can be very confusing. Knowing what to include and what not to is key to making your estate plan bulletproof.
Here is what you need to know about what you need to include in your estate plan. These are just the basics.
A medical power of attorney
This allows a person to help with medical decisions. If incapacitated, you will need someone to make life-benefiting medical decisions for you.
An advanced medical directive
As difficult as it is to think about, this document lays out your medical choices, such as a do not resuscitate order or decisions about medical care. This is a preplan and takes some of the burdens off of your relatives.
A durable power of attorney
Unlike a medical power of attorney, this deals with financial and legal decisions when you are if you are unable to speak or make decisions for yourself.
Last will and testament or a living trust
Although they work differently, these documents do the same thing. They distribute your assets to your family member upon your death. A will is a simplified version and has to go through probate. A living trust usually does not.
Disposition of remains
This document basically outlines how your relatives will make arrangements for your remains. Your choices are cremation or enablement and burial. Your family will need to abide by these wishes.
Estate planning is a complex process. Your decisions will impact your family and loved ones. You must consider each document carefully before signing them.