Anyone can pass away at any time, so it is always important to make plans about your estate no matter how old you are. Most people put off the planning. That leaves many people without any plans as they begin to get older. This can become a real problem.
The older you get, the more likely you will pass away soon. At some point, you must have some estate plans. What you need to get does not have to be all that complicated.
Most people can get away with having a few simple documents prepared by an estate planning attorney as the Brooklyn Daily Eagle reports in "Five legal documents you need by 55."
These documents include:
- A general durable power of attorney is a document that will let you designate someone to take care of your financial matters, if you are unable to do so. The person you choose will be able to make sure your bills are paid and any business you have is handled appropriately.
- A health care power of attorney is also needed, so someone you designate can talk to doctors on your behalf, if you are incapacitated. This makes sure your health care is handled as you would want.
- A living will is another necessary document that lets you decide what will happen, if you are terminally ill. It leaves instructions for doctors about what methods to deploy or not to deploy to prolong your life.
- A will is also necessary, so you can make sure your assets are distributed as you want after you pass away.
Keep in mind these documents are the bare minimum for an estate plan. Talk to an experienced estate planning attorney to learn about the tools available that will best fit your situation and accomplish your goals.
Reference: Brooklyn Daily Eagle (Feb. 6, 2018) "Five legal documents you need by 55."