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3 key components every estate plan should have

On Behalf of | Sep 1, 2021 | Estate Planning |

Many young people in Washington delay making estate plans. Sometimes, they do so because they fear it takes too much time or because they question whether they have enough to warrant one. If you count yourself among those who have yet to make an estate plan, know that you do not necessarily have to spend considerable time and money on yours to make it effective.

Instead, Bankrate notes that a simple, straightforward estate plan may still help ensure that your wishes come to fruition and that your loved ones avoid probate court or minimize associated expenses. A simple, yet strong estate plan may contain the following three documents.

A will

Your will gives you an avenue through which to leave certain assets to chosen beneficiaries. Even if you include no other components in your estate plan, try to include a will so that you do not die “intestate,” meaning you leave matters up to the courts.

A financial power of attorney

A financial power of attorney helps ensure that you do not leave any loose ends when it comes to your finances. Giving someone power of attorney gives them a way to access your accounts, pay your debts and otherwise tend to your financial needs.

An advance medical directive

An advance medical directive, such as a health care power of attorney or living will, provides information about what you want to happen to you if you suffer incapacitation and are unable to make your wishes known with regard to medical care.

The earlier you start working on your estate plan, the more time you may have to revisit it, update it and make sure it continues to serve your needs for years to come.

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