The concept of estate planning is simple, but modern life—and everything that comes with it—makes it complicated. For example, advancements in medical science have forced people to consider their thoughts on life support, and social media has led to the creation of a “digital legacy,” which must be managed on top of everything else. Fortunately, there are only a few documents that you should prepare right away, and the rest you can tackle as time allows. 

The Essential Estate Planning Documents

1. Last Will

Most people think a last will and testament is only necessary once they have accumulated a significant amount of assets; however, you can do a lot more than distribute property in a last will. For example, with the help of an estate planning attorney, you can use a will to designate a guardian for any minor children should something happen to both you and your spouse.

2. Health Care Power of Attorney

Life is unpredictable, so it is wise to always plan for the worst. If you become incapacitated following a catastrophic accident, a health care power of attorney (POA) will ensure your preferences are respected. The document grants a person of your choosing the legal authority to make medical decisions for you. You can supplement it with a living will, which contains any wishes regarding life support and long-term care.

3. Financial Power of Attorney

If you become incapacitated, another party will need to manage your finances. You can establish such an arrangement with a friend or relative whom you trust by creating a financial power of attorney. This document is similar to a health care POA but pertains solely to fiscal matters.

If you need help creating or updating any of the essential documents, turn to Scott & Heenan LLC. Based in Platteville, WI, this general practice firm is proud to help clients throughout Grant County with their estate planning to ensure their best interests and preferences are reflected. You can explore their broad range of expertise by visiting their website. To schedule an initial consultation with an attorney, call (608) 348-9506 today.