The Top 5 Documents That Can Prevent Estate Planning Errors
You need a legal professional that you can trust. After all, you want someone capable so there are no mistakes made concerning your property or family's inheritances.
As Forbes says, the most trusting and knowledgeable elder law attorneys that handle estates every day know that the following five documents are the best way to have clear, concise, and legally binding decisions, both during medical emergencies and after one's passing.
1. Will. A will is a legally binding document that helps people establish what they want and don't want to happen to their property.
2. Durable Power of Attorney. A POA is a document that will legally designate the person you choose to make decisions if you are unable.
3. Advanced Medical Directive. This allows you to establish your wills medically if you are in an incapacitated state. This is where do-not-resuscitate orders or other types of life-altering choices are put into writing. If you want something specifically done or NOT done, this is the document to look into.
4. Living Trust. This document allows a legal entity to manage and own your property. This is a reliable way that may help you stop probate.
5. Personal letter of instruction. While a message to your family and loved ones explaining your wishes is not legally-binding, transparency is key during this time, so you will want to be sure those in charge of your health, property, and assets understand what you want.
These documents are essential to ensuring someone's wishes are fulfilled in the proper way. When considering utilizing these services, consult a legal profession.
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Retired Paralegal
8 å¹´You have listed all the necessary documents for a healthy estate planning. There is one more step that we advise our clients to take. Pre-planning with a funeral home would be a wise decision to make. Although it is not essential for estate planning, it is a step that many people find hard to do, but in the final preparations it would culminate in a final decision you make for yourself. This alleviates the stress of a loved one have to make all the final preparations.