It’s important to remember that your estate plan isn’t set in stone. You should revisit it at least annually to account for changes to your goals or life. We can refer you to Wells Fargo affiliates or work with your existing estate plan provider to provide crucial guidance for this pillar of effective wealth management.
The number of documents in your estate plan will depend entirely on your circumstances, but these five can be considered must-haves for most people.
Will – This legal document expresses your wishes for distributing your property after you die. Establishing a will is important, especially if you have minor children or significant assets.
Durable Power of Attorney - This gives someone else authority to make financial decisions on your behalf if you become unable. This is highly recommended as it ensures your finances will be handled properly if you cannot do so yourself.
Healthcare Power of Attorney - If you can’t communicate your wishes regarding your care, this document ensures they will be honored in the event of your incapacitation.
Living Will - This outlines your wishes for end-of-life care, including life support or other medical treatments.
Revocable Living Trust - With this document, you can avoid probate court and distribute your property according to your wishes after you die. This can save time and money while adding an additional layer of privacy.