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What Documents Should Be in a Basic Estate Plan?

Writer's picture: Caitlyn AshleyCaitlyn Ashley

Everyone needs an estate plan. This is true even if you don’t think your estate is nearly as big or complex as your Aunt Betty’s or what’s typically drawn up for celebrities and the filthy rich people you see on television and in the media. At its core, your basic estate plan puts your affairs in order and ensures your wishes are carried out — and this is typically accomplished through a series of legal documents.

 

But which documents should be in an estate plan? That’s a difficult question to answer until we sit down and discuss your unique situation and define what’s important to you. That said, there are several must-have documents for even the most basic estate plan.

 

6 Must-Have Documents for a Basic Estate Plan

 

1.    Your Last Will and Testament — A Will is a formal legal document that lets your family and the probate court know how you want your possessions (financial or otherwise) distributed. It’s also great for specifying funeral wishes, appointing guardians, passing down values and ethics, and more. Think of it as a list of very specific directions you leave behind, and it should cover as much as possible to reduce stress and heartache for your loved ones.

2.    Medical Power of Attorney — A POA puts a friend or family member in charge of your affairs should you become medically incapacitated (injury, illness, etc.) or are not present to make important decisions. There are several types, including one for medical. Essentially, the person you put in charge can handle healthcare decisions such as authorizing medical treatments, surgeries, etc.

3.    Financial Power of Attorney — Like the Medical Power of Attorney, a Financial POA allows your attorney-in-fact to manage your financial decisions. This includes accessing bank information, paying bills, etc. This document is no longer valid once you pass away.

4.    HIPAA Release—This document names the friends and/or family members you authorize to receive information from doctors or other healthcare professionals. If you are having surgery or are in the hospital, this document authorizes healthcare workers to give updates on your status to the appropriate people named in your HIPAA release form.

5.    Living Will — Also called a Directive to Physicians, a Living Will is the document that tells your family and doctors if you want to “pull the plug.” This document guides your family on your wishes if you are ever on life-saving medical treatments.

6.    Declaration of Guardianship — This document comes into play if you have dementia or another debilitating disease that prevents you from managing your affairs. If a court-created guardianship ever becomes necessary, this document tells the court who you trust to be the guardian of your affairs. It also details if there is anyone you want to disqualify from ever obtaining that position.

 

There Is So Much More to Estate Planning

 

If you find that these documents don’t cover your bases and all of life’s what-ifs, the good news is that additional estate planning tools are available. This includes Trust documents, burial directives, and other special documents that account for your every need. From simple wills to complicated trusts, probate, guardianship, deeds for real property, and more, we put a plan in place that is flexible and best suited for your specific needs — now and well into the future.

 

As someone who has been in your shoes, we are acutely aware of how reassuring it is to have someone on your side who knows this area of law, can walk with you, and is willing to shoulder all the legal “stuff” so you and your family don’t have to.

 

If you have any additional questions about this matter, please don’t hesitate to contact our law office in Denton, TX.

 

Call Caitlyn Ashley Law Today!!

 

None of us will know what is around every corner in life. And just thinking about the what-ifs — what if I were to die or become incapacitated tomorrow; what if my child with special needs has no one to care for her; what if all my “stuff” isn’t passed onto the right people — can be overwhelming. But having a plan that accounts for your family’s unique circumstances, puts your affairs in order, has concrete solutions to your concerns, lays out your wishes and goals, and protects your family’s future provides peace of mind for the road ahead.

 

Caitlyn Ashley Law in Denton, Texas, will counsel you on which documents best suit your needs and ensure they are flexible enough to meet your changing needs for years to come.

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