Estate planning is not only about planning for your death. It also includes planning for your life in the event you're mentally injured. Having an estate plan in place is very important because it reflects your desires for your children, family, property and assets.
Is Estate Planning Often Overlooked?
Despite its extreme importance, estate planning is often overlooked and neglected. Many people work hard throughout their lives to provide for their families and build their estates, only to have the very things they've worked for and people to protect in disarray because they didn't invest time in a comprehensive plan that reflects their wishes. To know more about estate planning, You can also visit speedwelllaw.com/alexandria-estate-planning-attorney/.
Why do you need an Estate Plan?
Without the proper documentation in place at the time of your death or incapacity, you are leaving it up to a judge you don't know to decide how to distribute your assets throughout your family, who will care for your minor children, and who will care for you if you're ever unable to care for yourself.
Five Documents to Include in your Plan
A comprehensive estate plan is not a mere document. It's actually a combination of several documents that reflect your wishes regarding your minor children, your health care, and distribution of your assets, property and inheritances in the event of your death. It also covers your health care wishes if you're ever incapacitated and unable to make your own decisions. Here are the minimum five documents you should include in your estate plan:
-Power of Attorney
-Living Will and Advantage Directives
-Guardianship Plans for Minor Children