Regardless of age, wealth, or family circumstance, every adult should have an estate plan. Through a valid estate plan, a person can be sure that their estate is transferred to their heirs according to their wishes. Below are several estate planning documents that adults should consider as they draft or revise their plan:
- Last Will and Testament: A will is the most important piece of an estate plan, in that it is where the decedent directs the distribution of their assets. If a person dies without a will, their assets are distributed according to state law.
- Revocable Trust: Through creating a revocable living trust, a person may bypass probate for the assets held in that trust. A trust is also a way to keep an estate plan private, as wills are public documents.
- Power of Attorney: Through a power of attorney, a person can designate the person who will act as his or her agent, and manage his or her financial and legal affairs should he or she become incapacitated.
- Health Care Directives: Finally, health care directives allow a person to make their health care wishes known should he or she become incapacitated.
These are only several of many estate planning tools that may be right for your estate. For more information on what tools may be best for planning your estate, talk with an experienced estate planning attorney.
