What are the Components of an Estate Plan?
A proper estate plan covers four major documents, each with its own unique purpose and role. Our estate plans include:
- Will — To distribute your property in the way YOU want after you pass (otherwise, the state’s “default” rules apply to YOUR estate).
- Power of Attorney — Allows a person(s) you choose to handle your affairs if you are unable to do so yourself (i.e. property, bills, taxes, etc.) due to severe illness, incapacity.
- Living Will — (or Advance Health Care Directive) Specifies what your wishes are in regards to terminal care (i.e. feed tubes, do not resuscitate orders, etc.).
- Health Care Power of Attorney — Allows a person(s) you choose to make healthcare decisions for you if you are unable to do so yourself due to severe illness, incapacity.