A will documents your wishes for a probate judge to follow. While this document is integral to a comprehensive estate plan, what else should you include?
When sitting down to hash out the details of how you want your estate divided after death, you should also consider a few other factors that may happen before you die. Take a look at some of the other decisions you should make in your estate plan to ensure that your family is ready when the time comes.
End of life decisions
An estate plan does not only deal with your death but also with the way you want to live in a crisis. If you get into an accident or suffer a medical event that renders you incapacitated, an estate plan may contain your wishes on how you want terminal events handled. A living will gives your family and medical facilities guidance on how you want your medical care administered.
Power of attorney
When you do not have the mental or physical ability to communicate or make sound decisions, a power of attorney does it for you. A comprehensive estate plan should designate at least one person to make medical and financial decisions on your behalf if you cannot. A power of attorney allows the person named to act as you would with all the same legal rights to access your money and authorize medical care.
Caring for your family is a priority in life and should continue in death. Making decisions about what happens after your death now may save them time, money and emotional turmoil in the future.