16 Jun I need to do an estate plan. What documents should I get?

Q. I need to do an estate plan. What documents do I need to get?
— Planning

A. Estate planning documents are an essential part of your financial plan. They ensure that your wishes will be followed.

There are generally a “Big Three” of documents that almost everyone should have: a will, a general durable power of attorney and a health care proxy.

A will allows you to dispose of your property at your death in the manner you intend and in a way that is appropriate for your beneficiaries.

It also allows you to name an executor to handle the administration of your estate and guardians for any minor children.

A durable power of attorney, you will designate someone as your agent to act on your behalf in financial and property matters if you are unable to do so.

The health care proxy allows you to name a person to act on your behalf with respect to medical decisions if you are unable to do so. Often, a health care proxy is coupled with a living will, in which you state your wishes with respect to your continuing care under certain circumstances.

While you plan for your estate, be sure to review all beneficiary designations to make sure they are current and reflect your wishes regarding the disposition of the related asset.

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This story was originally published on June 16, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.