<p>Estate planning involves more than just creating a will that determines who you want your assets to go to when you pass. While a will is an important part of an estate plan, there are many other aspects that are equally, if not more important, including additional <a href="https://www.lowelawgroup.com/blog/buyer-beware-of-online-legal-documents/">legal documents</a>.</p>
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<p>For example, a will can only determine who gets your belongings after probate. The problem is the probate process might require some of your belongings to be sold to pay off debts.</p>
<p>There are ways to avoid certain assets going through probate, but it takes the help of a lawyer to sort out. In fact, hiring an <a href="https://www.williamsstarbuck.com/estate-planning-in-las-vegas/">estate planning attorney</a> is essential if you want certainty regarding<a href="https://mickeykeenan.com/tampa-estate-planning/"> where your assets go after you die</a>. DIY estate plans aren’t comprehensive enough to be iron-clad, and are most likely missing the details you require.</p>
<p>For instance, you’ll still need to write up clear instructions regarding how you want your children cared for. Using a DIY estate plan template also makes you more likely to skip the specific types of trusts that will provide tax benefits needed to support your beneficiaries.</p>
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<p>If you value asset distribution, you can’t just rely on a will or a DIY package. A good estate plan should include some or all of the following documents.</p>
<h2>1. A living trust</h2>
<p>A living trust, also referred to as a revocable trust, holds your assets while you’re alive and determines how they should be distributed after you pass. Assets held in a living trust will avoid probate, which makes them easier to pass on to loved ones and organizations you support.</p>
<h2>2. Power of Attorney</h2>
<p>A Power of Attorney (PoA) document grants the person of your choice the legal authority to act on your behalf in certain situations if you become incapacitated. There are<a href="https://www.investopedia.com/terms/p/powerofattorney.asp"> different types of PoAs</a>, and you might want to give one person the power to manage your finances, while you give someone else the power to handle your healthcare decisions. For example, your designated PoA can make financial and legal decisions for you, like accessing your bank account, paying your bills, managing your investments, taking legal action, and making medical decisions.</p>
<h2>3. Guardianship designation</h2>
<p>If you have minor children, having a legal guardianship designation is critical. If you don’t appoint a guardian for your kids, and you pass before they turn 18, the court will intervene. In this situation, they could end up in foster care or with a relative you don’t approve of being their guardian.</p>
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<h2>5. Asset inventory</h2>
<p>It’s crucial to have a comprehensive list of your assets to help your trustee manage and distribute them according to your wishes. Your asset inventory list should include everything of value, including your financial investments, real estate properties, bank account numbers, and personal belongings. Personal items include things like musical instruments, jewelry, collectible items, antiques, artwork and anything else you can put a dollar value on.</p>
<p>It’s a good idea to get your assets appraised so you can value them on your list. If they go into probate, they might be appraised again by someone else, but having the value ahead of time will help your executor.</p>
<h2>5. HIPAA authorization</h2>
<p>Since healthcare information is private and must be protected, it can’t be shared, even with your children or spouse. If you want anyone to have access to your medical records, you’ll need a<a href="https://www.legalzoom.com/articles/when-and-how-to-use-a-hipaa-form-in-your-estate-plan"> HIPAA authorization form</a>. The benefit of having this document is that it will give your loved ones the information they need to make informed decisions on your behalf.</p>
<h2>6. A living will</h2>
<p>A<a href="https://www.aarp.org/caregiving/financial-legal/info-2019/what-is-a-living-will.html"> living will</a> is a legal document that outlines your wishes to be carried out while you’re still alive. For example, some people don’t want to be put on life support or resuscitated under certain circumstances or at all. While in many states, you can get a “DNR” designation, it’s also something to consider putting in your living will. This document will serve as your voice when you can’t speak to tell people what you want. It will avoid having other people make decisions for you based on nothing more than assumptions.</p>
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<h2>Hire an estate planning lawyer to make sure you’re covered</h2>
<p>Creating an estate plan on your own can be overwhelming, and if done wrong, your assets may not go where you intend. That’s why hiring an attorney is recommended. An experienced estate planning attorney will make sure your estate plan is legally sound so your wishes are honored and your loved ones are taken care of exactly how you want.</p>

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