When a person designs an estate plan, they are determining the legacy they leave their loved ones. A comprehensive plan will lay out their wishes for guardianship and end-of-life medical care, as well as which beneficiaries will receive which assets upon their passing. The guide below looks closer at what documents are necessary.

A Guide to Important Estate Planning Documents

1. A Will

In a will, you appoint an executor to oversee your estate after your death, including facilitating the transfer of your possessions to the named beneficiaries. If you have minor children, you will want to use the will to appoint guardianship to the individual or individuals who you want to take over their care. Without a will, these choices will be left to the courts—who will base their decisions on a predetermined formula. 

2. A Living Trust

A living trust is an excellent alternative for transferring certain property to a loved one without including it in a will. With it, you place ownership of an asset into a trust while you are still living. Then, it transfers to the designated beneficiary upon your death without them having to go through probate. Large estates may also save money on taxes when setting up a living trust.

3. A Durable Power of Attorney

If there comes a time when you are too injured or compromised to make legal and financial decisions for yourself, a durable power of attorney allows you to appoint someone to act on your behalf. They can manage your finances and legal affairs and look out for your interests. Without one, a loved one will have to go through the lengthier process of establishing themselves as your conservator, which can hinder their ability to address your needs immediately following an incident.

4. A Health Care Power of Attorney

A health care power of attorney works like a durable power of attorney, but instead of dealing with legal and financial issues, the appointed agent handles decisions regarding medical treatment and living arrangements. To guide them, craft a living will, which allows you to spell out in plain terms your preferences for end-of-life and life-prolonging care like feeding tubes, respirators, and artificial resuscitation.

When you need assistance at any stage of estate planning, contact Kleveland Law Offices. Since 1984, Attorney Jeanelle S. Kleveland has been representing residents of Lincoln, NE. She offers legal services in estate planning, guardianships, and family law cases. Call (402) 477-7776 to arrange a consultation. Visit the website to learn more about her practice areas.