Like many people in Georgia, you may have good intentions when it comes to creating an estate plan – but you may not have gotten around to it yet. There is good news, though. Estate planning does not have to take lots of time or money to help you manage and control your legacy and personal affairs. A simple estate plan containing three main components goes a long way as far as helping your wishes for the future come to fruition. Having an estate plan also helps your loved ones understand your wishes and better navigate an already difficult time.
According to Bankrate, many people find it helpful to create estate plans that contain wills, powers of attorney and advance medical directives.
Why your plan needs a will
A will is typically the foundation of any estate plan. You may use your will to outline who you want to take ownership of your assets once you die. You may also designate a guardian for any minor children you have in your will.
Why your plan needs powers of attorney
Different powers of attorney work in different ways. However, these documents give someone you trust the ability to either make medical decisions on your behalf or handle your finances and related personal affairs.
Why your plan needs advance medical directives
Advance directives give doctors and your loved ones a sense of your medical wishes if you suffer incapacitation and become unable to verbalize your preferences.
You always have the option of supplementing your estate plan later on, should you want to, but having these three components in yours should help give you – and your loved ones – peace of mind.