Estate planning isn’t just for older individuals. It’s something you should start thinking about as soon as you turn 18. Getting this legal paperwork taken care of now will give you and your loved ones peace of mind for the future. Find out what elements you should discuss with an attorney when drawing up the documentation.

5 Points to Include in Estate Planning

1. Will or Trust

A will or trust is the backbone of any comprehensive estate plan. These documents determine “who gets what” when it comes to your assets. An attorney can advise which option is best for you depending on personal details like the size of your estate and ages of potential beneficiaries. 

2. Letter of Intent

This document defines your wishes in the event that you pass away. It could cover everything from whether you want to be buried or cremated to what kind of funeral you want to have held. By including a letter of intent in the estate planning process, you’re making these choices so your loved ones won’t have to. 

3. Healthcare Power of Attorney

When serious illness or accident strikes, you may be unable to make decisions regarding your medical care. Healthcare power of attorney gives a trusted person — known as your healthcare proxy — the power to make these choices. This should be someone you know extremely well and trust to make decisions affecting your life. Keep in mind that you can change your healthcare proxy at any point.

4. Financial Power of Attorney

If you are incapacitated, there are also fiscal decisions to be made. A financial power of attorney holder is legally permitted to handle your monetary issues, from paying rent to diverting funds for your medical care. You can choose to entrust the same person with your healthcare and financial power of attorney, but if you choose two different people,  make sure that they will not disagree over any issues that may arise.

5. Guardianship Details

If you have minor children, who will look after them? You may designate a close friend or family member as the legal guardian. This person can also handle the financial assets you leave the child until they reach adulthood. You can also choose a separate individual, such as a lawyer, to handle this.

Estate planning is complicated, and you can’t allow errors in the paperwork. Let Monteleon Law Group of White Plains, NY, guide you through the process and ensure that you don’t miss a single detail. Whatever your needs, you can expect a knowledgeable and compassionate approach. They also practice in other areas, from DUI to real estate law. Contact them online or call (914) 564-5698 for an appointment.