Estate planning is a touchy subject for many Indiana residents as it forces people to consider their own mortality. However, estate plans not only provide you with peace of mind, but they also set your loved ones up to reap the benefits of your hard work after your passing. When putting together your estate plan, be sure to consider these three components of a successful one.
Naming a guardian for minor children
Many people assume that preparing an estate plan is something that only older adults need to do. However, there is no bad time to do so, especially if you have children. Providing a written declaration about who is to become the guardian of your minor children is one of the most important parts of the plan.
Power of attorney
While you may want to choose one person to act as your agent under your medical power of attorney and someone else to serve as under your financial power of attorney, many people choose the same individual. The important thing is that you appoint someone to make decisions for you if you can’t make them on your own. This ensures that you have your wishes fulfilled, even if you can’t express them at the time.
Advanced medical directives
In some tragic situations, people become unable to communicate with the health care team treating them. While a medical power of attorney allows someone to make that decision for you, you can also create an advanced medical directive. These directives include organ donation forms, orders concerning life support, and other end of life issues.
While no one wants to think about these types of uncomfortable topics, creating an estate plan requires it. Creating a comprehensive one helps to ensure that your loved ones know your wishes and that you have people in place to carry them out.