25 Jul What documents do I need with my will?

Q. I know I need some estate planning documents to go along with a will. What do I need?
— Planning ahead

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.

You should also get a general durable power of attorney, in which you would designate someone as to act on your behalf in financial and property matters if you are unable to do so.

Then you should get a health care proxy, in which you name a person to act on your behalf with respect to medical decisions if you are unable to do so.

While there are online options to get these documents, we recommend you speak with an estate planning attorney who can consider the specifics of your financial life and your wishes.

As you get these documents, remember to also review all beneficiary designations to make sure your assets go to the people or organizations you wish to receive them.

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This story was originally published on July 25, 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.