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For a lot of people, the term “estate” probably conjures up images of a huge house surrounded by a wrought iron fence on a perfectly manicured lawn. In legal verbiage, however, “estate” includes everything from savings accounts to business interests. In fact, you don’t have to own a luxurious piece of property—or even any property at all—to benefit from estate planning. Below, the legal team at Pater, Pater & Halverson Co. share a few essential documents that everyone should draft regardless of their financial situation. 

3 Essential Estate Planning Documents

1. Will

A will is a legally binding estate planning document that allows you to establish numerous arrangements following your death. For example, in a will, parents of minors can designate a guardian for their children in case something happens to both of them. You can also use a will to distribute assets, state any last wishes regarding the funeral or burial, and bequeath items that hold sentimental value like artwork and photographs.

2. Healthcare Power of Attorney

estate planningA health care power of attorney allows someone else to make medical decisions on your behalf if you ever become incapacitated. One of the pillars of creating a comprehensive estate plan is preparing for the unexpected, and a health care power of attorney allows you to do just that. When creating this document, make sure you choose someone who you trust, and consider including a backup agent in case the original agent is unavailable.

3. Beneficiary Designations

Some assets are not transferred to beneficiaries through wills or trusts. For example, life insurance policies and some retirement funds require beneficiaries and contingent beneficiaries when they are first established. Drafting a document that states all the beneficiaries of such accounts will make it easier to update your estate plan after any major life transitions. The executor of the estate will also rely on this document to contact the appropriate individuals after your passing.

If you need to create or update any of the above documents, turn to Pater, Pater & Halverson Co. Based in Hamilton, OH, they have served clients throughout Butler County since 1889. You can learn more about the estate planning services they are proud to provide by visiting the website. To schedule an initial consultation and discuss your needs with a seasoned attorney, call (513) 867-1411. 

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