Do you think that you don’t need an estate plan? Not only are there three things that should be in every estate plan I would go a step further and say that every adult needs an estate plan with at least two of the three things I will outline here. An estate plan is not just for those who own significant interest in a business or property. Every adult should have an estate plan that includes:
1) A living will
2) Power of attorney
3) Guardianship instructions for dependents
In the event you become incapacitated or in the event of your demise what decisions will be made for your health, who will make those decisions and who will care for those who depend on you are three questions every adult should know the answer to. Of course, if you have a business and or real property an estate plan should include division of assets, assignment of rights etc. A comprehensive plan ensures that the things you worked hard for are handled to your specifications. Often I think that clients don’t realize that they should have an estate plan to not only account for distribution of their real property they should have a plan that accounts for those things that matter most.