By preparing for the future now, you’ll have peace of mind that your loved ones will be provided for after you’re gone. That’s why many people make estate planning a priority. When creating your estate plan, an attorney will help prepare the documents that outline every directive regarding your future wishes. To ensure the basic points are covered, incorporate the below elements into your estate plan. 

What Should an Estate Plan Should Include?

1. Last Will & Testament

The last will and testament is a legal document that allows for the transfer of assets after your death. It names beneficiaries and their inheritance from the estate. You can also appoint guardians for minor children, decide how debts will be paid, and name someone to look after minor children’s property until they come of age. 

2. Living Revocable Trust

With a will, the estate goes through probate before beneficiaries can receive their inheritance. Verifying the validity of the will, taking inventory of assets, and paying taxes and creditors before assets are distributed could take months to complete.

When estate planning, many people set up living revocable trusts to avoid probate. The successor trustee has the authority to pass inheritance directly to beneficiaries. As probate is part of public record, transferring property through a trust can keep matters private.  

3. Healthcare Power of Attorney

The document that appoints your healthcare agent is called the healthcare power of attorney. The person you assign will have the authority to make medical decisions on your behalf if you are unable to due to illness or incapacitation. They should also know how your personal and religious views would affect your treatment decisions.

Setting up wills, trusts, and other aspects of estate planning can be complex, which is why you should reach out to Louis C. Noto in Rochester, NY. In addition to estate planning, this attorney has over 48 years of experience assisting clients with elder care and personal injury matters. See all of his practice areas online and call (585) 232-1815 for a consultation.