If you are over the age of 18, you need an “Estate Plan,” especially if you have children.
A basic estate plan consists of three documents:
- A “Power of Attorney,” which appoints someone you choose who will have the power to do things on your behalf such as banking, real estate and other transactions if you are unable to do them yourself; please note that the only “power” this documents does not include, is the power to make health care decisions;
- A “Living Will,” which does two main things: appoints a health care agent (or someone to make your health care decisions) and designates organ donation; and
- A “Last Will and Testament.” This document only operates upon your death and it has two or three main functions, depending on your circumstances. First, it designates an “executor” to administer your estate in the Probate Court. Secondly, it directs your executor how to distribute your possessions. And lastly, if you have minor children, it appoints a guardian for your children to make sure they are taken care of by someone you trust instead of someone you don’t want to care for your children, like the state/DCF.