What Are the Most Important Estate Planning Documents We Should Have?

Most Important Estate Planning Documents

28 Mar What Are the Most Important Estate Planning Documents We Should Have?

At a minimum, if we have children, we should have a will. Why should we have a will? Because a will is able to establish guardianship for our child in the event that we die.

But if we have a little bit more than just a few assets, such as homes or retirement plans, it’s important to get more extensive estate planning documents. When working with an attorney who specializes in estate planning, what you find is that a living trust is generally one of the most important documents.

Many times, along with the living trust comes power of attorney for health care. It helps answer the questions “What happens when you can’t make those decisions for yourself? Who’s going to help you make those health care decisions?”

Another document is the power of attorney for finances. Let’s say that you need help paying your bills. Those are also important documents—and depending on what state you live in, such as California, community property declarations so that, in the event of death, your assets that have gains have step-up for the deceased person as well as for the surviving person.

So having a good estate plan with the right estate documents is very important.

Parkshore Wealth Management is a family-owned, independent, fee-only Registered Investment Advisor serving the greater Sacramento area with an office in Roseville, CA. We partner with financially responsible individuals and families who are eager to take positive steps that will allow them to use their money to build the life they desire. The firm is led by Harold Anderson, CFP®, and Daniel Andersen, CFP®, both members of NAPFA, the country’s leading professional association of fee-only financial advisors.

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