Estate planning is not just for the wealthy. Everyone needs an estate plan to determine how to handle your stuff wherever you pass away or if you become incapacitated. If you have a bank account, you need an estate plan. If you own a car, you need an estate plan. If you have minor children, you need an estate plan. There are some basic estate planning documents everyone should have.
Basic Estate Planning Documents
Some suggestions for basic estate planning documents include:
A Will. In this document, you say exactly how you want your assets to be divided when you die. If you are married, you and your spouse should each have separate wills. Be specific: if you want your youngest sister Mary to have your red dress, say this in your will.
A Durable Power of Attorney. You designate someone to make financial decisions for you when you cannot make them for yourself. This person can access your bank account and can pay your bills make transactions on your behalf, etc., This person will act as your agent.
Healthcare Power of Attorney. You designate someone who can make healthcare decisions for you when you cannot make them for yourself.
Living Will. You articulate exactly what you want to be done for you for end-of-life care. For example, do you want everything possible done to prolong your life? Do you only want palliative care to make you comfortable and pain free? Do you want to be hooked up to life support, or have a DNR (do not resuscitate) order posted at your bedside?
You may need all these documents. You may have these all prepared but need to review them and be sure they are up-to-date.
Contact us at Martinez Legal, P.C. for Assistance in Updating your Estate Plan
If you are just beginning your estate planning or need to review and update your current estate plan, at Martinez Legal, P.C., we can help. We have a packet we ask you to fill out and return to us. We can have your documents ready for you within two weeks of the time you return the packet to us.