Your Life, Your Legacy: A Guide to Basic Estate Planning

Estate planning isn't just for the wealthy. It's about ensuring your wishes are known and your loved ones are cared for after you're gone. Whether your estate is big or small, taking some basic steps now can save your family a lot of stress and heartache later.

Here's a breakdown of some key documents to consider:

• Revocable Living Trust: This trust holds your assets while you're alive, and upon your passing, distributes them according to your wishes. It avoids probate, a lengthy court process, saving your heirs time and money. But remember, the trust needs to be "funded" by transferring ownership of your assets to the trust.

• Pour-Over Will: This will works alongside your revocable living trust. It catches any assets that haven't been transferred to the trust and pours them into it for distribution.

• General Power of Attorney (Financial): This allows a trusted person to manage your finances if you're incapacitated. Choose someone responsible and detail the scope of their authority.

• Health Care Power of Attorney: Also known as a health care proxy, this designates someone to make medical decisions on your behalf if you can't.

• Living Will (Advance Medical Directive): This document outlines your wishes for medical care at the end of your life, like the use of artificial life support.

For Families with Minor Children:

• Guardian:  Name a guardian for your children in your will. This person will care for them if you and your partner are no longer able.

• Guardianship Roadmap:  Consider creating a Guardianship Roadmap, a detailed letter outlining your wishes for your children's upbringing, education, and healthcare.

Distributing Personal Property:

• Tangible Personal Property Memorandum: This is a list of your personal belongings with instructions on who inherits what. It allows for sentimental items to be distributed according to your wishes, avoiding family squabbles over grandma's china.

Remember:  This is just a starting point. Consulting with an estate planning attorney ensures your plan is tailored to your specific needs and state laws.  They can also help you navigate complex issues like tax implications.

By taking these basic steps, you can ensure your legacy is one of love, clarity, and peace of mind for your loved ones.