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Regardless of your financial or family situation, trust and estate planning is a very important component of fiscal and personal responsibility. Many people associate estate planning with deciding how your assets will be divided in the event of your death. However, estate planning involves much more than drafting a Last Will and Testament.
It is certainly a good idea to have a Last Will and Testament for the purposes of clearly establishing your wishes regarding property division. However, estate planning should also involve naming someone to make medical and/or financial decisions on your behalf if you become incapacitated. Another important component of estate planning is documenting your wishes regarding medical interventions if you ever become terminally ill or permanently incapacitated.
The following estate planning documents are important parts of any estate planning checklist:
|Jennifer Mathes, Ph.D.|