What is an Estate Plan
OK, an estate plan is a good idea, but what is it exactly? An estate plan speaks for you when you are no longer able. It helps your loved ones navigate through the legal and medical mazes surrounding severe illness and death. And it creates clear and simple directives that let others know how you want the end of your life to be handled. How your medical care will proceed in the worst case scenario. How your dependents will be cared for. How your assets will be distributed. And it empowers those you trust with the authority to communicate for you. Without an estate plan and the essential documents you and your possessions will be at the mercy of the bureaucracy.
Four documents are normally included:
- Living Will - outline what you want in severe medical circumstances
- Durable Medical Power of Attorney - give someone else medical authority if you can’t make decisions or communicate
- Durable Financial Power of Attorney - give someone the ability to act for you financially in the same circumstances
- Will (and a Trust if appropriate) - determine what happens to your estate and responsibilities when you die
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