When individuals ask where they should begin with their estate planning, we typically start with addressing their needs by identifying their ultimate goals. Estate planning is an essential process that everyone should undertake to ensure that their assets and property are distributed according to their wishes after their death. An estate plan will also address how you would like to be cared for if you become incapacitated or disabled.

At a minimum, you should consider having the following documents in place:

Last Will and Testament

A last will and testament (“a will”)  is perhaps the most well-known estate planning document. It is a legal document that specifies how you want your assets to be distributed after your death. In your will, you can name an executor who will be responsible for distributing your assets according to your wishes. You can also name guardians for your minor children and specify any other instructions that you want to be followed after your death.

Powers of Attorney

A power of attorney is a legal document that gives someone else (your agent) the authority to act on your behalf. This document can be used in case you become incapacitated and are unable to make decisions for yourself.

With a power of attorney for property, your chosen agent can make financial and legal decisions on your behalf, including paying bills, managing investments, and qualifying you for any aid you may require. With a power of attorney for healthcare, your agent will be responsible for making your healthcare decisions (remember, your health is your wealth, so plan while you have a voice). 

Estate planning is not always about creating a will, the process is not just black and white. You personally may not feel like you “have much” to plan for, but by putting a plan in place now, you will greatly help your loved ones in the future. Your specific circumstances will dictate your estate planning needs. Sometimes certain situations warrant more comprehensive planning and other times, people overestimate the complexity of their assets and loved ones. Either way, it is important to consult with a lawyer when determining which documents are appropriate for you.

Far too often, we see DIY plans that are inconsistent with the individual’s actual intent and wishes. Unfortunately, those lessons aren’t learned until there is some kind of legal dispute after a person has passed away, and at that point, it’s too late to make the proper adjustments and the outcome will be determined by the court.

If you’re ready to take the leap or you have further questions, feel free to call or text 630-716-6404. We’re here to help you take the first step.