Three Must Have Documents for Estate Planning
There are so many people today who havent considered estate planning. The reason why many people have not given estate planning a shot is because of lack of information or they are not prioritizing the exercise in their life. There is need for you to prioritize this exercise as it is a fundamental way of protecting your family and loved ones. Basically, you have an estate as all the assets and belongings are always classified under your estate. Therefore, almost everyone in this life has an estate as long as they have a belonging with value. Therefore, you are the only person who is to make a decision regarding your estate or your belongings as to who will get what and so on. Estate planning is essential and this article pinpoints the three most important documents that you need.
First and foremost, you will have to avail a will. Through the will you will manage to pinpoint your aspirations. In the absence of the will, your estate will be decided upon by the State. The will that you develop should contain detailed report and info and should never be limited. These are the details that will enhance and reinforce clarity. There is need for you to always work closely with a lawyer who has immense experience in creating or developing wills.
The second document required is the guardianship document. There are other instances where you will tends to state the name of the guardian. Where the guardianship names are missing on the will, a guardianship document becomes imminent. Therefore, you should identify the best guardian for your family and estate and the guardian that you choose must be reliable. Your loved ones and their interests must be safe in the hands of the guardian. There is need to learn of a backup guardian who must be incorporated on the guardianship document as well.
The last document that you must have is the power of attorney. When getting the power of attorney, you should ensure to settle for the durable one and not the regular one. Then moment you experience any kind of incapacitation, the regular power of attorney will become useless and void. Where the power of attorney is missing, the court gets to dictate about what will happen to your estate or valuables. The person that receives the power of attorney needs to be trustworthy by all means possible. A backup person should be identified and their name pinpointed on the document as well.