Your attorney will recommend a trust-based or a will-based estate plan once you start your estate planning journey. Last Will and TestamentsĪ successful estate plan begins with your last will and testament. Below are five documents that can get you started on developing your estate plan. The purpose of these documents is to help loved ones as well as streamline the estate closing process.Īs your family changes, you need to update your documents, so make sure to review them frequently. You may also want to include the following estate planning documents. Medical or Healthcare Power of Attorney (HCPA). To create a comprehensive estate plan, you'll need the following documents: Helpful Documents to Start Planning Your EstateĪn estate plan requires several documents, and you can use each document to specify your wishes after death or appoint an agent to represent you. Below is a comprehensive estate planning checklist for the documents you might require to start the process. Will you leave part or all your estate to the charity of your choice?Įstate planning allows your survivors to deal with their grief less stressfully.Who do you want to be your children's guardian?.Who should receive your personal belongings and real property?.In some cases, the process is straightforward, but in others, it can be complex and requires answering some basic questions: But who defines "wealthy" and can tell when their time here is up? If you own property, you need an estate plan. Many believe estate plans are only for the wealthy or the elderly. While professionals should handle some aspects of an estate plan, the person creating the plan can do most of the process. Moreover, your assets reach the proposed beneficiaries.Īn estate plan is a personalized plan tailored to your circumstances and situation. The ideal estate plan reduces taxes, expenses, and delays. Estate planning is the process of organizing for the orderly transfer of properties after death.
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