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3 important components of an estate plan

| Dec 31, 2020 | Estate Planning

Your estate plan is the one way you have to take care of the people you love after your death. Because of this, you want to ensure you get it right, and we understand that need at the Law Offices of Roche and Roche, PC. 

We want to help you make sure you include everything you need for a comprehensive estate plan. Typically, this involves creating three essential components. 

Will

The basic foundation of any estate plan is a will. A will outlines your wishes as to the division of your estate after your death. It can also include instructions for managing your affairs should you be unable to do so during your lifetime. 

You can include anything you want in a will. It will enable you to make decisions and lay out your plans for what will happen with your assets and personal property upon your death, along with leaving personal messages or other details that you feel your heirs need to know, such as the location of important papers or the password to an online account. 

Health care

Your estate plans also should account for what happens if you become disabled or ill and cannot make decisions for yourself regarding your health care needs. A living will is helpful because it explains your wishes as to care. For example, it may state that you wish to have a do not resuscitate order. 

Another thing you should have in a health care proxy. This document appoints someone who will make your health care decisions for you if you cannot do so. 

Power of attorney

Along the same lines as health care planning, you will want to ensure someone has the ability to handle your finances if you are unable to do so. A power of attorney can enable you to name someone who has the power to make decisions for you, including about your finances. 

To learn more about estate planning, please visit our website.