No Mansion Required: Estate Planning Documents Everyone Needs
When most people think about estate planning, they imagine millionaires, retirees or families with large inheritances such as the Roy family in Succession. But the truth is, estate planning is for everyone,
especially in the case of the unexpected.
Accidents, sudden illnesses and emergencies
happen. Without estate planning documents, your loved ones may be delayed by court proceedings just to make medical decisions, care for your children, and to assist in managing your finances. No matter what your income or stage in life is, having an estate plan gives your loved ones clarity to carry out your wishes.
Here are the three estate planning documents that everyone should have:
- Last Will & Testament
A simple last will and testament provides peace of mind and cuts out any administrative burdens should the unexpected occur. It allows individuals to name who should receive personal property such as
jewelry, vehicles, electronics, or savings; as well as real property including homes and land.
- Durable or Financial Power of Attorney (POA)
A durable or financial power of attorney allows a designated individual or agent to act on the person’s behalf in financial and legal matters. This can include managing bank accounts, signing housing agreements, addressing bills and other financial concerns.
- Living Will or Advance Directive
An advance directive, more commonly known as a “living will” authorizes a designated individual or “healthcare agent,” typically a family member or loved one, to make medical decisions on one’s behalf should they become unable to do so. The document typically outlines one’s wishes for life sustaining treatment and allows for successor agents or backups to be designated should the original agent be unavailable. Living wills also commonly include a HIPAA Authorization that grants permission to health care providers to
disclose medical information to designated individuals. This authorization ensures that agents can communicate with physicians, access vital information, and stay up to date with appointments and treatment.
Emergencies are, by nature, unpredictable. On a different note, online estate templates often fail to account for state-specific laws, blended families, young families, or changing life circumstances. Working with an attorney at Bloom Peters in Horsham protects your loved ones and minimizes future complications.
Estate planning is not about how much you have – it’s about who you love and how you protect them. Contact Bloom Peters and use code Horsham2026 for $100 off of your estate planning package.
“Life is unpredictable! We never know when any of these documents will be needed. Don’t wait until it is too late. Having them prepared before you or your family are in a crisis can ease your peace of mind and those of the people you love.” - Kathy J. Bloom, Esq.
