What to know about estate planning
Many people delay estate planning because it can be daunting to think about one’s own demise. However, it is important for anyone with investments or any type of valuable property to plan for the future. If you’re a South Carolina resident, here are some important documents you’ll need when planning your estate.
Last will and testament
When it comes to estate planning, your will, also known as a last will and testament, is essential. Your will provides details to let your relatives know where your assets should go when you pass away. You can name an executor in the will who will be in charge of carrying out your wishes.
Health care power of attorney
A health care power of attorney is necessary for an estate plan because it designates someone who will make medical decisions for you if you are unable to do so. This individual will determine the types of treatments you receive, which physicians will treat you, and whether you can take certain medications.
A living will give instructions to your loved ones about the medical treatment you want or don’t want if you become incapacitated. This keeps your family from having to make difficult decisions concerning how you want to be cared for if you are critically injured or become terminally ill.
When you open a retirement account or buy a life insurance policy, you usually receive paperwork asking you to name beneficiaries for the account. These documents will name the individuals who will inherit your assets. When you sign a beneficiary destination, this will supersede any of the beneficiaries you’ve named in your will, so be sure the names are identical on both documents.
Completing these estate planning steps can take some time. However, it’s time well spent if it means peace of mind for you and your loved ones.