What are the key documents of estate planning?
As an estate planning lawyer, I can advise you on the key documents that are involved in the process of estate planning. These include:
- Last Will and Testament: This is a legal document that outlines how you want your assets to be distributed after your death. This document names your beneficiaries and an executor who will handle your estate.
- Living Will: This legal document outlines your wishes for medical care if you become unable to make decisions for yourself, usually when you are terminally ill.
- Durable Power of Attorney: This is a legal document that appoints someone, usually a family member or a trusted friend, to make decisions on your behalf if you become incapacitated.
- Health Care Power of Attorney: This document authorizes someone to make health care decisions on your behalf when you cannot do so yourself.
- Trust Documents: Trusts are legal entities that can be created to hold assets for the benefit of beneficiaries. There are many types of trusts, including revocable trusts, irrevocable trusts, and special needs trusts.
- Beneficiary Designations: These are documents associated with assets such as life insurance policies, retirement accounts, and other financial accounts. The beneficiaries you designate will receive the assets after your death.
- Property Title Documents: These documents show ownership of real property (houses, land, etc.), and can be used to help avoid probate.
It is important to keep these documents current and updated to reflect any changes in your life or personal circumstances. It is recommended to review and update your estate plan every 2-3 years or when there is a major life event, such as a marriage, divorce, or birth of a child.
Legal advice may vary depending on your jurisdiction, so I suggest consulting with a licensed attorney who can provide specific legal advice based on your individual needs and circumstances.