Documents You Need For Planning Your Estate
The term estate planning refers to organizing personal and financial affairs in order to deal with the possibility of mental incapacity and certain death. Depending on your current family and financial situations, your foundational estate plan should have the following documents:
- Living will – This contains a written set of instructions to your physician as to whether or not you want to receive life-sustaining procedures if you have been diagnosed with a terminal condition, end-stage condition, or are in a persistent vegetative state. It also gives guidelines for your family members to follow if you become terminally ill.
- Financial power of attorney – This allows you to delegate to the person of your choice the ability to manage assets that are titled in your individual name, including retirement plans, and assets titled in joint names as tenants in common.