Life is finite. Here today, gone tomorrow. C’est la vie. And there is nothing we can do about it besides be prepared. It is written in the Bible that there is a time for everything, including death. We can’t finesse around it. So, you might as well go out like a champ and make it easy on your loved ones.
Here are 4 basic documents for simple estate planning that you will need to eliminate heartache and headache amidst your loved ones upon your departure.
- LIVING WILL – a written statement detailing a person’s desires regarding medical treatment in the event they are medically incapacitated and are no longer able to express informed consent. Also, it will list what to do with personal and financial assets upon death.
- POWER OF ATTORNEY– a document giving one the authority to act for another person in specified legal or financial matters, while they are still alive.
- THE MEDICAL POWER OF ATTORNEY -is a legal document that authorizes someone you trust (called an agent, attorney-in-fact, or surrogate) to make medical decisions on your behalf, if you become medically incapacitated.
- TRANSFER UPON DEATH (TOD)/LADY BIRD DEED -It is like a regular deed used to transfer real estate to your preferred successor upon your death.
Need help getting your life together? Remember the above documents are basic, depending on your assets and financial account balances, you may need a more in-depth estate review. Many local unions and banks provide complimentary estate planning, which includes resources that will get you connected to Estate lawyers and accountants that are always willing to assist. However, don’t rule out doing your research and asking those that have gone through the process.
Dr. Ladel Lewis is a bestselling author, international speaker, and likability expert. Her company Jane Key Solutions LLC, specializes in helping small businesses do business with the government.