The Importance of Estate Planning
According to Forbes, here Are Six Essential Estate Planning Documents:
1. Will: It names an executor, or personal representative, to administer the distribution of your assets as you intend.
2. Living or Revocable Trust: This provides the management of your assets while you are alive and names the people who will receive the property when you die.
3. Personal Property Memorandum: It allows you to gift tangible personal property items such as furniture, jewellery, etc.
4. Durable Power of Attorney: It appoints a trusted family member, friend, or advisor as an agent to take care of financial and legal matters.
5. Health-care Proxy, Agent, or Power of Attorney: This document appoints someone you trust to make medical decisions for you when you no longer can.
6. Living Will: This covers pain relief and whether you would want a ventilator, feeding tube, or resuscitation.
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