It’s never pleasant to think about your own mortality, but doing so is essential when you’re planning for the future. Planning for death is just something that has to happen as you get older. It’s inevitable that it will happen, so putting plans in place can make that transition much easier for those who are left behind.
According to at least one survey, around half of those 55 years of age and older don’t yet have a will. If you fall into that group, it’s important to start considering an estate plan.
What are some documents that are essential in your estate plan?
Some essential documents for your estate plan include:
- Your last will and testament
- Beneficiary designations
- A revocable (or irrevocable) living trust
- Your health care power of attorney
- A durable power of attorney
- A letter of intent
- A digital asset trust
Once you have these documents in place, your attorney can talk to you about any other documents that you may want to look into that are more specific to your needs.
How will your loved ones know where to find this information?
If you haven’t spoken to the people who will be your beneficiaries about your future plans, it is important to do so. You should leave behind a list of your most important documents, your attorney’s information and other helpful documents that will assist your heirs and beneficiaries after you’ve passed away or are incapacitated. You don’t want them to have to hunt for important documents when the time comes.
If your estate plans are lacking, now is an excellent time to get started on them. An experienced advocate can help.