Although estate planning isn’t easy to think about, getting a head start on these legal matters will ensure your assets are passed on to those you choose. This prevents your heirs from having to spend time and money in legal battles. Here are some of the primary documents most people will need.

Which Documents Are Needed to Start an Estate Plan?

1. Last Will & Testament

For most people without trusts set up, a last will and testament is their primary estate-planning document. It provides detailed instructions for what should happen with your property and other probate assets—those assets that are in the decedent’s name with no beneficiary designation, such as life insurance benefits—at the time of your death.

It should name an executor, who will be your representative for settling your final affairs. If you have minor children, it will also designate who will be their guardian.

2. Advance Medical Directive

Also known as a Medical Power of Attorney or Designation of Health Care Surrogate, this legal document provides instructions about how medical decisions regarding your health should be made if you cannot make them for yourself.

It should designate a caregiver, family member, or another agent who is responsible for making choices that align with your written preferences. It can also be used to designate an individual who will serve as your guardian or conservator if you are found mentally incapacitated. 

3. Financial Power of Attorney

A financial power of attorney is another estate-planning document that grants a trusted agent power on your behalf. In this instance, the individual is given the authority to make and execute financial matters.

The document can provide the agent with very broad duties or restrict them to handling certain personal, property, or medical finances. Usually, it will go into effect once the principle party is incapacitated and will be extinguished upon their death, unless they are named as an executor in the principle’s will. 

Ensure your estate and heirs are protected by turning to Lance S. Cox, Attorney at Law. For over 30 years, this law office has provided estate planning and probate and trust services to residents of Cincinnati, OH. Their experienced staff has over 200 years of combined industry experience. Call them today at (513) 528-6000 to find out how they can save you time and money. Visit them online to learn more about their services.