Estate planning is undoubtedly overwhelming. However, like most challenging tasks, it becomes more manageable when divided into smaller objectives that can be tackled individually. With that in mind, here are some of the most essential documents you should prepare to assist your loved ones in the event of your death or incapacity.
A Last Will & Testament
A will is the foundation of estate planning. In this document, you can establish guardianship for any minor children, name an executor, bequeath assets to beneficiaries, and leave money to your favorite charities. If you were to pass without a will in place, your property would instead be distributed according to the formula set out in state law, which may or may not reflect the true state of your relationships or wishes. If you would like, you can also specify arrangements for your funeral, therefore, taking that burden off loved ones who will already be going through a grievous time.
A Financial Power of Attorney
If you were ever to become incapacitated, who would handle your economic affairs? While the matter might be uncomfortable to think about, creating a financial power of attorney empowers someone to make monetary decisions on your behalf under extreme circumstances. This, in turn, will help your family with matters such as paying for your medical bills and maintaining the home in your absence.
A Medical Power of Attorney
A medical power of attorney is similar to a financial POA, but instead of naming another person to manage your home and business assets, you are declaring who should make health care decisions for you. It should, however, always be accompanied by a living will, which states your preferences regarding matters like end-of-life care.
If you need help drafting any of the documents mentioned above, turn to the estate planning team at The Law Offices of Bromm, Lindahl, Freeman-Caddy & Lausterer. Located in Wahoo, NE, this firm has been counseling clients throughout Saunders County since 1983, and their AV Preeminent rating from Martindale-Hubbell® illustrates their commitment to excellence. To learn more about their services, visit their website, or call (402) 443-3225 to discuss your needs with a lawyer today.