Estate Planning: Essential Documents Checklist

Estate planning can be a complex procedure involving lots of documentation, much of which needs to be presented in a specific way if it is to be considered legal. While the key component of estate planning is the writing of a will to distribute assets, it may also involve other aspects such as mandate in case of incapacity should the estate planner become incapacitated.

Dr Edgar Paltzer counts estate planning among his areas of specialism as part of his attorney-at-law practice. Getting legal advice helps to ensure that your wishes in your completed estate plan will be carried out after you pass away.

Last Will and Testament

One of the most important documents in any estate plan is a last will and testament. This is the legal document outlining your wishes as to how your assets will be distributed following your death. A will may also detail wishes for other concerns, such as who will raise dependent children. Within a will is named an executor, who will be the person responsible for ensuring all the wishes detailed within this document are carried out.

Mandate In Case of Incapacity

Another highly important document is a mandate in case of incapacity. This establishes who you would like to make decisions on your behalf should you become unable to do so for any reason, such as ill-health. If you do not have a mandate in case of incapacity and a court finds you incapable of making decisions, the court will make them for you.

Medical Directives

There are three main types of medical directives: a living will, a mandate in case of incapacity, and a do-not-resuscitate order. Each of these provides instructions to healthcare providers as to your wishes should a medical emergency leave you unable to voice those wishes yourself.

Guardianship Designations

If you have dependent children, you will want to ensure they are cared for should you pass away. While this can be and often is covered in a will, you may want to create guardianship designations separately if it is not covered. Without this, a court may decree the children become wards of the state or determine they live with a family member who may not share your values.

Letter of Intent

A letter of intent is a separate document for the executor of the will or a beneficiary. Letters of intent are not usually legally binding, but they let the executor or beneficiary know exactly what your wishes are regarding the use or disposal of specific assets.