If you're just like some of our older readers who are well into their retirement years, then you may have started thinking more about your estate plan now than you did when you were younger. That's because you, like so many of our Melbourne readers, probably want to make sure that you have all of your affairs in order before the unfortunate happens. If you feel this way, you're not alone.
Many who are knowledgeable in estate planning law will tell you that this is an incredibly smart maneuver, especially considering the legal headache you can leave your loved ones with if you die without a well drafted estate plan.
To get our readers thinking about their own estate plans, we want you to consider the question we pose above: does your estate plan include these four important documents? If by the end of this post, your answer is yes, then congratulations! You're in good shape. But if your answer is no, then it may be time to talk to an estate planning attorney.
Perhaps one of the most important documents to include in your estate plan, this also happens to be the document that most people think of when they hear the term estate planning. Wills are incredibly important, as you probably already know, because they dictate things like where you'd like your possessions to go when you die.
If you are leaving behind minor children, wills can even dictate guardians who will make sure that the child is well taken care of until they become an adult.
Powers of attorney
Both durable power of attorney and medical power of attorney are important documents to include because they allow others to make decisions on your behalf and ones that are in your best interest. Many consider this better than leaving decisions up to love ones who might disagree on why they think you want.
A living will
Also referred to as health care directives, this part of your estate plan tells both your family and doctors what end-of-life wishes you want honored when you become incapacitated or otherwise unable to make medical decisions for yourself.
Though it may be morbid or even a little scary to think about your own death, these documents are important to have and are worth discussing with an estate planner before it's too late. This is something all our readers should remember.