An estate plan isn't only about what happens to your assets. It can also help document who can make important financial and healthcare decisions if you're unable to do so.
Planning for more than the unexpected
Many people associate estate planning with distributing property after death. But a comprehensive estate plan may also address what happens if illness, injury, or another circumstance leaves you unable to manage certain decisions yourself.
Financial Power of Attorney
A financial power of attorney can authorize another person to handle specified financial matters on your behalf. The authority provided depends on the document and applicable state law.
Healthcare Documents
Healthcare directives can document your wishes regarding medical care and may allow you to designate someone to make healthcare decisions for you when applicable.
Beneficiary Designations Matter Too
Certain assets, such as retirement accounts and life insurance policies, may pass according to their beneficiary designations rather than instructions in a will. Keeping these designations current can be an important part of reviewing your overall estate plan.
Your plan should evolve with your life
Marriage, divorce, children, a new home, changes in assets, or the loss of a loved one may be reasons to revisit your estate planning documents and beneficiary designations.
Estate planning is ultimately about having a plan in place.
It can help document your wishes and identify the people you want involved in important decisions. An estate planning attorney can help determine which documents are appropriate for your individual circumstances.