When you put your affairs in order, you reduce the chances for conflict after your death. For most individuals, a Simple Will will suffice to avoid these issues. A Simple Will notifies your executor what assets you possess, and how you wish those assets to be distributed after your death.
If the worth of your estate is approaching $5 million, you should seek the services of a professional estate planner.
POWER OF ATTORNEY
A power of attorney is a document that allows an individual to grant another authority on financial matters. For example, if an parent gives their child the power of attorney, the child may open and close bank accounts, transfer real estate, handle financial dealings, apply for federal and state benefits, file income taxes and other financial transactions. This can be essential when the person granting the power of attorney becomes disabled. Granting the power of attorney avoids having to go through the process of having someone declared incompetent, a processes that can be expensive, difficult, and will require a guardian and conservator named by the Court.
ADVANCE MEDICAL DIRECTIVE
This document instructs your loved ones of the care you wish to receive when you cannot make that decision for yourself. These decisions include if you want artificial respiration, feeding tubes, pain medications, maintenance medication, nursing care and other major medical decisions.