What are some important elements of a sound estate plan?

Talking about end of life issues is usually an uncomfortable process for all involved parties. People who want to begin their estate planning may find it difficult to broach these topics with loved ones. On the other hand, family members find it equally difficult to hear a loved one talking about their end of life plans.

While it all feels strange and unnatural, it is essential for your financial and health care protection to create an estate plan, especially if you are a senior citizen. You can choose to tackle this process with or without involving your family members. However, it is in your best interest to seek legal assistance from an attorney experienced in estate planning and have them draft all of your documents to ensure that they conform with Tennessee law.

To help you start your estate plan, below are three essential elements people often include:

Powers of attorney (POA): These documents give someone you trust the authority to make crucial decisions on your behalf if you become unable to on your own. You can create a POA for financial matters and a separate one to address your health care needs.

Will: With a well-written will, you can rest easy knowing that your wishes will be fulfilled.

Letter of intent: Strictly speaking, this is not a legal document. However, it can help a beneficiary or the person in charge of your estate carry out your wishes.

Estate planning may be difficult to think and talk about. However, once you have begun the process, you will probably feel a great amount of relief. Best of all, you can carry this peace of mind with you throughout the remainder of your life.

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