Today we are going to talk about the 4 key estate planning documents everyone should have.

As your Financial Advisor we play an important role in Estate Planning. We can help update accounts and make sure they are properly registered, review beneficiaries and prompt you to update your plan when there are changes to the law or you have major life event such as a marriage or death in the family.

However, the creating and updating of documents required for an Estate Plan should be handled by an Estate Planning Attorney. So if you take away one thing from this writing it should be to seek out an Estate Planning Attorney. This is really important so pay attention….USE and ESTATE PLANNING ATTORNEY. Why? Well I use this analogy… if you have a sinus infection you don’t go to a proctologist. It’s the same with Attorneys, my wife is an Attorney but she specializes in commercial real estate she did not do our estate planning documents.

So let’s get to those 4 key estate planning documents.

#1) Durable power of attorney

A DPOA allows you to authorize someone else to act on your behalf, so he or she can do things like pay everyday expenses, watch over your investments, and file taxes.

There are two types of DPOAs: (1) an immediate DPOA, which is effective immediately (this may be appropriate, for example, if you face a serious operation or illness), and (2) a springing DPOA, which is not effective unless you have become incapacitated.

#2) Advanced Medical Directives:

Advance medical directives let others know what medical treatment you would want, or allows someone to make medical decisions for you, in the event you can't express your wishes yourself.

There are 3 types and depending on your state you may need all three of these so consult your attorney. But they are:

A Living Will

A Durable Power of Attorney for Heath Care (or Health Care Proxy)

DNR or Do not resuscitate

#3) Is a Will

The main purpose of a will is to disburse property to heirs after your death.

There are two other important aspects of a will:

You can name the person (executor) who will manage and settle your estate.

You can name a legal guardian for minor children or dependents with special needs.

#4) Letter of instruction

A letter of instruction is an informal, nonlegal and non-binding document that generally accompanies your will and is used to express your personal thoughts and directions regarding what is in the will (or about other things, such as your burial wishes or where to locate other documents). This can be the most helpful document you leave for your family members and your executor.

Unlike your will, a letter of instruction remains private. Therefore, it is an opportunity to say the things you would rather not make public.

If you have these 4 documents in place it doesn’t mean you will avoid probate, which is

the legal process of proving a will. That means making sure the inheritance goes to the right heirs and that all the deceased's wishes are fulfilled. This is a public process and depending on the size of your estate can take time and be expensive.

#5) A Trust

Because of Probate there is a 5^th document, a Living Trust, that can also be added to the list of Estate Planning Documents, but not everyone needs one, and you don’t necessarily need one to avoid Probate. Your financial Advisor and Attorney can assist you in making that determination.

My name is Derrick Glencer I am a CERTIFIED FINANCIAL PLANNER™ Practitioner if you enjoyed this content you can book a no obligation consultation via Calendly at:

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Thank you very much and go make it a great day!

Any opinions are those of Derrick Glencer and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice Investing involves risk and you may incur a profit or loss regardless of strategy selected. Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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