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What 3 elements does a basic estate plan need?

On Behalf of | Apr 11, 2022 | Estate Planning |

Many adults across Pennsylvania know they need to craft estate plans, but many of them also neglect to do so, thinking they may not have enough time to do so or enough assets to make it worthwhile. If you place yourself within this category, know that even a simple, three-part estate plan is highly effective at helping ensure your future wishes come to fruition.

Per Bankrate, if you do not yet have a basic estate plan in place, consider creating one that contains the following three components.

1. A will

If you create nothing else during estate planning, draft a will. A will helps ensure that your valuables and assets end up where you want them. You may also use your will to assert who you want to care for minor children you may have should you die before they reach adulthood.

2. An advance health care directive

There are a number of different types of advance health care directives out there, but all give you an opportunity to express your wishes with regard to your personal health care. If, for example, you want to be an organ donor, or if you prefer doctors do not keep you alive using artificial means, should the need arise, you may make these stipulations in your advance directive.

3. A power of attorney

A power of attorney gives someone you appoint the legal right to access your bank accounts and other affairs and tie up associated loose ends. This helps ensure your beneficiaries do not wind up facing unanticipated debts or interest fees.

While you may decide at some point to add other elements, such as trusts, to your estate plan, a plan that has just these three parts goes a long way in terms of helping you plan for your future.