Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
Estate planning might sound like something that’s just for wealthy people with huge beach houses and billions in the bank. However, the truth is that estate planning is something we all need to think about.
Advance directives typically consist of a living will and a power of attorney for healthcare.
An element of advance care planning, a living will is a legal document that provides specific instructions on how to carry out your wishes to receive or decline such treatments when you otherwise can’t communicate those wishes yourself.
There are two documents everyone needs in their estate plan: The Durable Power of Attorney (DPOA) and a Health Surrogacy or Advanced Health Directive.
Nobody wants to think about how their loved ones will cope when they die. However, it’s important to plan effectively to ensure a smooth transition of your wealth and worldly possessions — even if you’re young or feel like you don’t have much to leave behind.
As soon as you are an adult, you should have an estate plan in place.
Incapacity can occur because of illness or an accident. It can be temporary or permanent. That’s why every adult needs a power of attorney in place, once they turn eighteen.
For those of us with aging parents or other loved ones, there are some important things to consider.
If you don’t have a spouse or children, you might think you don’t need to do much estate planning. However, if you have any assets, familial connections, or interest in supporting charitable groups – not to mention a desire to control your own future – you do need to establish an estate plan.
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