No one really wants to think about what happens when we pass away. Contemplating our own deaths can be scary. However, death comes to everyone sooner or later. That is why it is good to be prepared with a basic estate plan. The following are some basic documents you might want to consider including in your estate plan.
A will
In your will, you will identify who you want to inherit which of your assets. In your will, you will also name someone to serve as the executor. The executor is responsible for carrying out the terms of your will after you pass, ensuring the right assets get to the right parties. If you have minor children, you can also name a guardian in your will who will care for them if you and the child’s other parent pass before the child is grown.
Durable power of attorney
There are two types of power of attorney that you may want to include in your estate plan. The first is a health care power of attorney. This person has the authority to make medical decisions on your behalf if you become incapacitated, for example, if you develop dementia or fall into a coma. The second is a financial power of attorney. This person has the authority to take care of your legal and financial affairs if you become incapacitated.
A living will
A living will is not the same as your last will and testament. In a living will, you outline what end-of-life care you would like to receive if you are terminally ill, suffering from the late stages of dementia, are in a coma or in some other way are near the end of your life. For example, you can state whether or not you would like to be placed on life support, what kind of palliative care you would like and whether you want to donate your organs.
Learn more about estate planning
Estate planning can be complex, and it can include documents not mentioned here. Still, it is good to start with the basics. Those in Ohio who want to learn more about estate planning can visit our website for further information.