basic estate planning checklist

so last night was the workshop, and in case you missed it, here is an overview (albeit a pretty shallow one) of what we talked about.

the 4 very most basic estate planning documents that every adult should have on file and accessible - like i said before, it's the responsible thing to do - these documents include:

(1) durable power of attorney: this names a person who is authorized to make financial decisions for you in the event that you are unable to. as long as you are mentally competent, you are free to revoke, change or create a new power of attorney at any time.

(2) durable medical power of attorney: same idea. this names a person who is authorized to make medical decisions for you in the event that you are unable to. make sure you choose someone you trust who understands your wishes and values.

(3) advance directive (also known as living will, physician's directive): this is a document that allows you to specify what medical care you do and do not want, generally for "end of life" care. this allows you to take control of your own medical care and as long as you are mentally competent, your instructions will control.

(4) last will and testament (also known as a will): instructs the distribution of your estate when you die. and more importantly, you can name a guardian for any minor children you have. allows you to make decisions about your property and your family for after you die. if you don't have a will, then the state law kicks in and directs where your stuff and even your kids go. for more reasons on why you need a will, see this post.