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A simple estate plan needs these 3 components

On Behalf of | Nov 22, 2022 | Estate Planning |

Creating a North Dakota estate plan involves designating who you want to inherit your assets, but it also goes well beyond that. An estate plan gives you a chance to dictate your wishes with regard to your finances, medical care and more, and it does not have to take considerable time or money to create one.

Instead, Bankrate notes that many people find peace of mind by creating estate plans that contain three main elements: a will, a power of attorney and an advance health care directive.

The will

If you do nothing else when it comes to your estate plan, draft a will. This lets you decide where your assets go, rather than leaving the decision up to state laws. If you have any minor children, a will also gives you a place where you may name a guardian to watch over them, should you die before they reach adulthood.

The power of attorney

Dying with debts may cause your loved ones otherwise avoidable hardship. However, by giving someone power of attorney over your financial accounts and affairs, you help ensure someone takes care of your debts and otherwise ties up any loose financial ends you leave behind.

The advance health care directive

An advance health care directive lets you name someone you trust to make medical decisions on your behalf if you become unable to do so. You may make decisions about organ donation and whether you want doctors to resuscitate you, should the need arise, in an advance directive.

Having these three components in your estate plan helps you cover your bases and eases the strain on your loved ones after your passing.