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What documents are important for a basic estate plan?

On Behalf of | Mar 16, 2022 | Estate Planning |

As people in the Austin area plan for their futures, there are many different actions that they take. One of the actions people should take is one that does not have to do with their future life, but instead with one of the few guarantees in life, which is their deaths. It is not something people like to think about, but it is important to plan for who will receive their property after they pass away. This is usually accomplished through an estate plan.

Estate plans can become very complicated depending on people’s circumstances and what they are trying to accomplish through various types of trusts or other estate planning tools. However, many people do not need to have an overly complicated estate plan and simply want to be able to direct where they property goes when they pass away.

Three main documents of a basic estate plan

People in this situation probably only need a basic estate plan. Many people are probably familiar with wills and know what they do. These are very important documents for a basic estate plan as this is the document which states people’s wishes for their property after they pass away. Wills also allow you to dictate who you want to be guardians of your children if they pass away before your children are adults. Additionally, you can choose who you want to administer your estate through a will as well.

While wills may be the centerpiece to a basic estate plan, there are a couple of other documents which people will want as well. One is an advanced healthcare directive. This document dictates the medical care you would like to receive if you are incapacitated and unable to make decisions on your own. It also allows you to name who you want to make those decisions as well. The other important document is a power of attorney. This gives other people authority to make financial decisions for you in situations when you are unable to make your own decisions.

Planning for people’s passing can be just as important as planning for people’s future lives. This is true for people of all ages as well. People do not know when they will pass away and unfortunately it can happen suddenly and unexpectedly. Experienced attorneys understand how to create an estate plan to meet people’s needs and may be able to guide one through the process.