![]() Letter of intent: You can add clarity and instructions to your estate plan with a letter of intent.For example, you can choose what lifesaving measures should be taken in a medical emergency. ![]() You can also pre-decide what sort of medical treatments you would like to be made. The chosen agent will have to decide how to take care of your health when you can’t make those decisions yourself. Healthcare power of attorney: Specifically for questions of your medical care, a healthcare power of attorney names an agent or representative for those situations.There are many responsibilities you can name in a power of attorney, such as managing real estate and financial accounts or acting on your behalf in legal situations. Power of attorney: Durable powers of attorney (POA) allow you to name someone to take over your responsibilities if you become unable to handle them yourself, such as if you fall into a coma or become mentally incompetent due to age or an illness.For example, you can officially name a godparent who will raise your child in case something happens to you. This documentation will describe who should get responsibility for your minor children or adult dependents when you pass away. Guardianships: Another part of your estate plan that requires some forethought is the guardianship designation.Important assets to keep in mind while making your estate plan are your real estate, bank accounts, 401(k) plans, automobiles, heirlooms, and other high-value pieces of property. A beneficiary designation can be used to choose who inherits what. Inheritances: You will have to decide what to do with your property and assets as part of your estate plan.Sometimes, an estate plan will contain a will and a trust. Trusts are also quite common because they can help an estate avoid probate in certain conditions. ![]() ![]() A trust, on the other hand, can set aside and protect assets to be distributed or managed when you pass away. Wills are the baseline for many estate plans.
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