Essential Estate Planning Documents

Updated: Sep 13

When you think about your legacy or creating an estate plan, a will likely comes to mind first. Our prior post covered the benefits and key components of a will. However, that isn’t enough. A will specifies your wishes after your death. There are several key documents that can specify your wishes while you are living.

Help the ones you love know what your wishes are through estate planning.

In order to allow loved ones to manage your healthcare wishes and financial matters there are several documents you should consider. In the event you become unable to act or communicate for yourself while living – or if you were to pass away unexpectedly – it is important to have powers of attorney for healthcare and finances, a living will, a revocable living trust as well as joint ownership of certain assets.

The table below outlines the purpose of each document, the date of effectiveness, and whether a court is required to enact its power. And if you’d like a print friendly version of these tables to talk to your estate planning attorney, click here.

Essential Financial Documents

Essential Healthcare Documents

Final thought.

Has it been more than 5 years since you updated your estate plan? Would you like to bulletproof your wealth for the next generation? If you have more than $1 million saved and need help from a wealth manager, I can assist. Schedule a call to learn more today.

- - - - - - - - - - - - - - -

About the Author

Peter Newman is a Chartered Financial Advisor (CFA) and president of Peak Wealth Planning. He works with individuals nationwide that have accumulated wealth through company stock, ESOP shares, real estate, or running a business. Peter applies his unique background to help clients achieve their specific goals and enjoy peace of mind.

Peak Wealth Planning provides concierge services to meet your wealth management needs. Services include: financial planning, investment management, esop diversification, retirement income, insurance, and estate planning advice, Peak Wealth Planning is a fee-only financial advisor based in Champaign, Illinois, and Fraser, Colorado.

29 views0 comments

Recent Posts

See All