6 Documents You Should Have in Your Estate Plan

  1. Will. This is the main document for your estate plan- In this document you designate your Executor or the person that manages your estate, makes sure your last bills are paid and distributes your property to the individuals you named to receive your property. You can give specific items to specific people or make more general bequests to individuals or charities.
  2. Financial Power of Attorney– This gives another person, called an agent, the power to make financial decisions for you. You can decide if the agent’s power is granted when the document is signed or only when you are incapacitated. There are certain powers that you can limit or grant complete power to your agent.
  3. Medical Power of Attorney– This grants your agent the right to make medical decisions for you. Your agent only has the power to make these decisions when you can’t. Make sure this is someone that you trust because they will make critical decisions regarding your health and care, including taking you off life support or putting you in a nursing home.
  4. HIPPA ReleaseThis is the release that is necessary for your medical providers to release your information to the named person on the release. You want to make sure your agent under your Medical Power of Attorney to be able to access your medical records if they need to make decisions regarding your care.
  5. Directive to Physician- This document is what tells your physicians and your agent under your medical power of attorney what your wishes are on continuing or terminating life support.
  6. Declaration of Guardian- This document allows you to name who you want to have serve as your guardian in the event an application for guardianship is file. This document also allows you to name those individuals that you DO NOT want to have serve as your guardian. You can name those you want to serve or not serve as the guardian of your estate as well as guardian of your person.
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