Planning an estate is an important step in life. Every member should have an estate plan that contains the following:
- Will – outlines your intentions regarding beneficiaries. It also appoints an executor whose role is to ensure that after you die, the estate pays creditors and disperses assets according to your wishes.
- Power of Attorney – authorizes another person to act on your behalf in case of illness or incapacity.
- Living Will – allows you to express your wishes about the amount and type of health care and treatment you want to receive should you become unable to communicate this yourself. It also permits another person the power to make medical decisions on your behalf should you be unable to make them yourself.