Now that you have decided to move forward with the estate planning process, you should familiarize yourself with the basics. Creating a will is an essential document in your estate plan; however, it is important to note that a will alone may not be enough.
There are additional documents that you could add to your estate plan to not only strengthen it, but to also ensures your wishes are understood and followed. As such, you should consider the value a living will and powers of attorney could bring to your estate plan.
Powers of attorney
At Kerley & Talken, P.C., our law firm understands how complex the estate planning process can be. That is why our attorneys take the time to fully understand the goals and needs of our clients, helping them understand what should be included in their plan. While a will helps establish how your estate will be handled after your passing, powers of attorney authorize the transfer of power to another person in the event of your incapacitation.
A durable power of attorney grants the named person the authority to manage your financial and business affairs if you are unable to due to an accident, illness or mental ailment. A health care power of attorney provides the named person the power to make medical decisions on your behalf if you are incapacitated. With either power of attorney, you can choose to transfer you rights immediately or specify that it only becomes active in the event of incapacitation.
Living will
Including a living will in your estate plan could provide your loved ones and medical providers with valuable information. Also called a health care directive, a living will provides directions and your wishes regarding what medical care and interventions you want in the event of a serious accident or terminal illness. In this document, you can specify and detail your wishes regarding interventions, life support and pain management.
An estate plan can be extensive; thus, it is important to think beyond a will when moving forward with the estate planning process. A legal professional can help you determine if a living will, powers of attorney or any other document would be beneficial for your estate plan.