Three Essential Estate Planning Documents
Although there is no “one size fits all” estate plan, certain documents are necessary for every individual. Whether you choose to plan with a will, a trust, or die intestate (allowing state law to determine the disposition of your assets), you should make certain that you have a valid and current durable power of attorney, healthcare power of attorney, and HIPPA authorization. These documents ensure that, in the event you become incapacitated, your selected loved ones have authorization to review your healthcare and financial information and make decisions on your behalf. Without such documents in place, it is likely that your family will have to request a guardianship through the court system, which is an expensive and time-consuming process that may limit their options during a crucial time.