When it comes to estate planning, there are a lot of different factors to consider. You need to think about your assets, debts, beneficiaries, and more. But one thing that's often overlooked is the importance of having the right documents in place. And even among those people who do have the right documents, 32% haven't told their families where they can find them if needed, according to Bedlam Law. Unfortunately, without the proper paperwork, your loved ones could face many challenges after you're gone. That's why it's so important to make sure that your estate plan includes the following documents.

1. A Will

A will is perhaps the best-known component of an estate plan. A will allows you to designate how you would like your assets to be distributed after your death. You can also use a will to name a guardian for your minor children. However, it's important to keep in mind that a will does not take effect until after you die, so it cannot be used to manage your affairs if you become incapacitated. Your assets will be distributed according to your state's intestacy laws in the absence of a will.

2. A Living Trust

A living trust is a legal document that can be used to hold ownership of your assets while you're alive. Unlike a will, a living trust takes effect as soon as it's created. If you become incapacitated, the trustee you've named in the trust document can step in and manage your affairs. A living trust can also be used to help avoid probate.

3. A Durable Power of Attorney

A durable power of attorney is a legal document that gives someone else the authority to manage your affairs if you become incapacitated. Unlike a living trust, a durable power of attorney does not take effect until you become incapacitated.

4. A Healthcare Directive

A healthcare directive, also known as a living will, is a document that spells out your wishes for end-of-life care. A healthcare directive can be used to appoint a healthcare proxy who will make decisions on your behalf if you're unable to do so yourself. Most estate attorney services can help you put together the right estate plan for your needs.

5. Beneficiary Designations

Beneficiary designations are important in estate planning, but they're often overlooked. They allow you to designate who will receive your assets after you die. These assets can include life insurance policies, retirement accounts, and bank accounts. Remember, beneficiary designations supersede any instructions you include in your will, so it's important to keep them up to date.

Estate attorney services can help you put together the right estate plan for your needs. If you're not sure where to start, consider meeting with an estate planning attorney to get started. Give us a call today here at Mary Beth Gardner Attorney at Law for a free consultation.