You’re getting older, and you’ve decided that it’s time to put together an estate plan. You know that you need a will, but is there anything else that you should have?
The short and sweet answer is, “yes.” There are many different legal protections that you can set up in your estate plan. Here are a few essential parts of the average estate plan.
What are some essential parts of an average estate plan?
Some of the essential documents you’ll want to have in your estate plan include:
- A health care proxy designation
- Your chosen durable power of attorney
- Trusts
- A living will
- Your will
- Guardianship designations, if you have dependents
While not everyone will necessarily need all of these documents, most people will need at least a few of them. Your attorney would be happy to help you choose which are right for you and to take steps to protect your assets and your rights.
Every person’s estate plan is going to be different, so it’s a good idea to learn more about health care proxies, living wills, setting up guardianships and using trusts to protect your assets. Your estate plan will grow and change over time, as it is an ever-changing combination of documents that should be influenced by changes in state laws and your own circumstances.
Our website has more on estate planning and what to expect when you meet with your attorney. Be prepared to put together your basic will first, and then you’ll be able to continue building your estate plan and finding ways to protect your best interests.
