The exact contents of an estate plan vary depending on each individual's financial and personal circumstances. However, estate lawyers deem three elements essential for almost any estate plan. If you’ve considered setting up an estate plan, these three types of documents will help you get started. 

3 Crucial Components of an Estate Plan

1. Medical Directives

If you don't want to leave anything to chance, prepare documents that specifically address future medical decisions. Some common examples include a living will, durable power of attorney, healthcare proxy, and medical instructions.

Through a living will, you can express the kind of health care you wish to receive if you become incapacitated. A durable power of attorney lets you choose a person or agent who will handle monetary and legal arrangements on your behalf. Similarly, a healthcare proxy will make medical decisions for you. 

2. Last Will & Testament

A last will and testament details property distribution when you pass on and guardianship appointments for your minor children. When drafting your will, seek an estate lawyer to help ensure that the document abides by state regulations and is thus legally binding. Keep in mind that if you die without a will, you forfeit your chance of deciding how your assets are transferred. Instead, the state will distribute your property according to its succession laws. 

3. Living Trust

While wills go through probate, living trusts skip this process altogether, allowing beneficiaries to receive assets quicker. With this estate planning tool, you can designate a person or institution to manage your estate even while you’re still alive. Upon your death or incapacitation, the trustee distributes your assets to your beneficiaries according to your wishes. Again, an estate lawyer can help you create a well-drafted trust that will prove useful even after you pass on. 

Estate planning is a serious matter. When you turn to MacVean, Lewis, Sherwin & McDermott, P.C. in Middletown, NY, you are leveraging 130 years' worth of experience in estate law, criminal law, corporate law, employment law, and other practice areas. Individual, commercial, and not-for-profit clients in Hudson Valley can call the firm today at (845) 343-3000 for a free consultation with a top-notch estate lawyer. You can also visit their website to know more about their practice areas and attorneys.