05 Feb What estate planning documents do we need?

Q. What are important estate planning documents we should have?
— 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. If you don’t name one, an administrator will be appointed after your death.

Then there’s a general durable power of attorney, where you designate someone as your agent to act on your behalf in financial and property matters if you are unable to do so.

If the power of attorney is drafted to be “durable,” it will allow someone to act on your behalf if you become incapacitated in the future.

Then a health care proxy will name someone to make health care decisions if you’re incapacitated. A health care proxy is often coupled with a living will, which states your wishes for continuing care under certain circumstances.

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This story was originally published in February 2026. 

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.