A will is intrinsic to most people’s estate planning. So much so, that it has almost become a byword for an estate plan. That can leave some people thinking that once they have made their will, they are finished with their estate planning. Unfortunately, it is not that simple.
An effective estate plan requires more than just a will. Here are some other documents everyone should have:
An advance healthcare directive
This document is your way of communicating your wishes concerning treatment to the doctors who may treat you in a situation where you are unable to communicate directly. You can specify things such as whether or not you would want a blood transfusion or a donor organ. Whether or not you would accept being kept alive on a life support system and so forth.
As you cannot think of every situation it is best to nominate a spokesperson to liaise with doctors on the issues you did not detail. This person would be your healthcare power of attorney.
A legal power of attorney
Imagine you are lying in a hospital in a critical condition. You have hospital bills to pay and house bills to keep on top of. The only problem is that you are not physically or mentally able to access your bank account and make those payments right now. Giving someone legal power of attorney to do so allows them to step up if needed.
A guardian for any minor children you have
If you are a parent, someone will need to step into your role if you pass away before the kids turn 18. Documenting your choice now helps ensure the person you elect can do so if required.
The sooner you learn more about how to make a comprehensive estate plan, the sooner you can put it in place and relax knowing that you have things covered.
