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Essential Documents for Estate Planning
Making sure your family is protected in case something happens to you is one of the most responsible things you can do. An estate plan is not only smart but will save your family from undue grief when you pass away. Here are a few of the key documents you need to have in place to help:
#1: A Will
A will is the cornerstone of any estate plan, especially when you have kids. If you don’t have one, state laws will determine who inherits your assets — and, more importantly, who takes care of your child if something happens to you. That’s not a decision you want left to the courts. When writing your will, you’ll need to:
- Designate your beneficiaries. Clearly outline who will receive your assets, such as property, investments, and personal belongings.
- Name a guardian for your child. This person will take over parental responsibilities if something happens to you (and your partner, if applicable).
- Appoint a trustee to oversee any money or assets left for your child. This is often someone different from the guardian — one handles parenting, the other manages finances.
- Choose an executor to carry out your wishes. This should be someone you trust to handle your estate's legal and financial aspects.
While it’s best to have an attorney draft your will, you can create one using reputable online services like LegalZoom or Trust & Will. Just triple-check everything to make sure it’s legally valid in your state. Or split the difference and hire an attorney to review the computer’s work.
#2: A Living Will and a Healthcare Proxy
A living will may sound like just another version of a will, but it’s an entirely different document that speaks for you while you’re still alive, outlining your medical wishes when you can’t voice them yourself. (Because here’s the thing: estate planning isn’t just about what happens after you’re gone; it’s also about ensuring your wishes are honored while you’re still alive.) This is where a living will and health care proxy come in.
- A living will spells out your preferences for medical treatment if you’re in a situation where you’re unable to make decisions for yourself.
- A healthcare proxy (a “durable medical power of attorney”) designates someone who can make medical decisions on your behalf.
Having these documents in place ensures that the person YOU choose makes critical health decisions whenever you can’t.
#3: Life Insurance
Life insurance is always a good idea to make sure your loved ones are taken care of in the event of your passing, but once you have a child, it becomes essential. (For example, if something were to happen to you, would your partner be able to afford child care, housing, and education expenses?) A solid term life insurance policy can provide financial protection and ensure your loved one’s future isn’t left to chance. Here’s what to consider:
- Find out how much coverage you need. A common rule of thumb is getting a policy around 10 times your annual income.
- Choose a beneficiary. This could be your spouse, your child (via a trust), or the person you’ve named as their guardian.
- Pick the right policy for you. Term life insurance is far more affordable than whole life, and is the most popular. Talk to a trusted insurance agent or financial planner to help you get into the right policy.
If you already have life insurance via work, that’s great — but it’s probably not enough. Workplace policies often provide coverage equal to a year’s salary, which probably won't be enough for most families. Chat with HR to see what you qualify for.
Organize Your Documents
Getting these documents prepped is key — but so is organization. They won’t do anyone much good if no one knows where to find them. Ensure your estate plan is organized and accessible to your trusted family members, attorney, or executor, and keep originals in a secure place, like a fireproof safe or safety deposit box.
- CATEGORIES: Financial Education

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