Estate planning is something that you know you should do, but probably is not something that you want to do. It’s not exactly fun to think about because, after all, no one wants to think about getting sick or passing away. However, if something unexpected does happen, having a solid plan in place can make life a lot easier for you and your loved ones. 
The good news is, estate planning doesn’t have to be complicated. You also don’t need to be wealthy to benefit from making an estate plan. Everyone deserves the chance to leave their legacy, regardless of how rich you are.
While there are a lot of different tools you could put into an estate plan, there are three essential documents that just about every expert recommends you have in place as a minimum baseline for your plans, regardless of your income, age, or family situation.
Here are those three key documents, along with some insight into why they are so important and how they can help to shape your legacy.
1. Key estate planning document: A will
A Yahoo article recently addressed the fact that only around a third of people have created an estate plan, despite the fact that 56% of people think having one is important. You don’t want to be one of those people without some type of plan in place, so, if your assets are very modest, you may want to start with the most basic document of all: A last will and testament.
A will gives you the opportunity to say who will inherit your assets after you are gone. It also lets you name someone you trust to act as your executor and manage your affairs, and, if you have kids, your will can be used to nominate a guardian for them. Without a will, the state decides all of these issues for yo,u and the default decisions may not reflect your personal wishes.
Writing a will can be straightforward, but should not be attempted without qualified professional help. The key thing is to make sure your will is clear, up to date, and legally valid according to your state’s laws. Once you’ve created it, you’ll also want to let your loved ones know where to find it, and you should make sure you keep it up to date.
2. Key estate planning document: Advanced directives
Making plans for your healthcare is critical as well. And you can do this in a few ways, including by creating a healthcare power of attorney and a living will.
When you make a healthcare power of attorney, also known as advanced healthcare directive, you will name someone to make medical decisions for you if you’re ever unable to do so yourself, such as when you’re unconscious or suffering from a serious illness or injury that makes it impossible for you to speak for yourself. You can also create a living will and specify exactly when you do and don’t want extraordinary medical care, such as a feeding tube or ventilator used to keep you alive. Advance directives commonly include those decisions thereby negating the need for a separate living will.
Without these advanced directives, your family could be left guessing what you’d want — or even arguing about it. Expressing your preferences in advance and giving someone legal authority to make choices will ensure that this does not happen.
When you choose who should make decisions for you, be sure to pick someone who knows you well and trust, who will hold up under pressure, and who will follow your instructions—even if it’s hard. And of course, have an honest conversation with them about your values and preferences, so they’re not guessing what you’d want if the worst occurs.
3. Key estate planning document: A living trust and a financial power of attorney
Finally, you need a plan for who will manage your financial affairs if you can’t. Unlike a will, either a living trust or a financial power of attorney can assist if you are incapacitated.
When you make a living trust, you act as the trustee until you can’t and you name a backup trustee to manage trust assets for you when you become unable to. When you create a financial power of attorney, you give someone authority to act on your behalf in financial matters. That could mean anything from paying your bills and managing your bank accounts to handling insurance claims or making decisions about your property.
If you go the power of attorney route, be sure you create a durable power of attorney, which stays in effect if you become incapacitated. You may also want to make yours a “springing” power of attorney, which only kicks in once you’re actually deemed incapacitated by a doctor.
While a will is of no use when you are alive, a power of attorney is of no use when you are deceased. A key benefit of a living trust is that they operate both before and after your death.
Getting help making your estate plan
If you want to make sure you have the right plans in place, you should start working on creating these three essential estate planning documents today with an experienced and qualifed estate planning attorney. We are here to help. Give us a call at (916) 437-3500 or contact us online to start working on the creattion of legal documents and ensure that you have the legacy you deserve.
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