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What are the most important documents for estate planning?

On Behalf of | Jan 11, 2022 | Probate

Residents of South Carolina might want to begin their estate planning process as early as possible. It’s important to include certain documents to protect yourself as well as your heirs, property and assets.

A will

A will is one of the most important parts of estate planning. It can help you determine who will inherit your assets and property as well as name guardians for minor children and pets. You decide who gets what property and when they get it whether you leave things to family members or give to charity. A will also allows you to name an executor who will oversee that your wishes are carried out after your death.

Powers of attorney

You can create powers of attorney for your health care needs and financial affairs. A health care power of attorney is a person who makes medical and health care decisions on your behalf when you are unable to express those wishes. A financial power of attorney handles all of your financial matters if you become incapacitated and can’t manage them yourself.

Advance care directive

An advance care directive is a part of estate planning that ensures that your final wishes are carried out. You can determine how you want your end-of-life care, such as being kept on life support or avoiding it. This legal document is also sometimes called a living will.

Revocable trust

A revocable trust allows you to hold assets and property you wish to avoid probate and eventually leave to your beneficiaries. You can add or remove assets and property at any time you wish and even be your own trustee, overseeing the trust. You can also name someone else as trustee or name a co-trustee who oversees the revocable trust with you. Upon your death, your assets and property can go to your heirs quickly.

These are some of the most essential estate planning documents. You should be familiar with your options when you sit down to create or update your estate plan.