Everyone, no matter their stage in life, should have some of the estate basics completed. They are as follows:
A will. This basically describes who you want to give everything you own to. The person who will make sure your wishes are carried out is the executor. You should choose someone who does not live too far away and is responsible for this position. The person who will receive your property is the beneficiary.
Power of attorney for property - this is needed to carry on your financial affairs should you become incapacitated but are still alive. A springing power of attorney for property only comes into force when you become incapacitated and allows the POA to sign for you and manage your financial affairs.
Power of attorney for health care - this is needed to make health care decisions for you should you become incapacitated but are still alive. A springing power of attorney for health care only comes into force when you become incapacitated and allows the POA to make health care decisions on your behalf.
These three documents are very important and everyone should have them completed. You should contact a qualified lawyer to help you put these documents together as part of a detailed financial plan by Merrick Financial Inc.