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3 essential estate planning documents

You probably know estate planning is important, but it may be easy to put it off. Setting up an estate plan may sound complex and intimidating, but it really is not. In fact, it can be pretty simple. 

As soon as you know the essential estate planning documents, you can start making preparations for you and your heirs to have peace of mind. Here are some documents you should create

1. A will

Making a last will and testament should be the first thing you should do. This serves as the foundation of your estate plan. A will is simply a legal document containing your desires for asset distribution. You can designate who you want to receive certain assets after you die. When creating your will, you also select an executor, who will be responsible for distributing your estate for you. 

2. Advance health care directive

In addition to figuring out what will happen to your assets, you should make sure your wishes regarding end-of-life care are followed. If you ever get a severe injury or become terminally ill, you may be unable to make your own medical decisions. You can put your desires regarding life support in an advance health care directive. Additionally, you can designate a health care power of attorney to make medical choices for you if necessary.

3. Trusts

If you have an estate of a significant value and/or want to avoid probate costs, you may want to set up a trust. There are various types of trusts available to you. One of the most popular choices is a revocable trust. You can manage and change this type of trust throughout your lifetime. 

A well-prepared estate is a great thing to leave for your loved ones. According to Time Magazine estate planning tips, these are some of the most crucial documents you should create. Consult an attorney for specific advice regarding your estate.

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