So you’ve decided to get your items in order for planning your estate. You’ve done your research, but the mounds of information thrown at you leaves you wondering, What do I do now? Knowing what documents you need is a crucial first step in the process.

Why are estate planning documents important?

You work your entire life to accumulate your estate. Without these documents, your estate can go to folks who you do not want to receive your assets.

Always use a licensed attorney to create, edit and help you execute these documents. The cost generally ranges from $500 to $1,500 for a single person or couple, and the complexity of your estate will affect final costs. An attorney will help you create and—most importantly—update your estate planning documents, which you should update every 5-6 years.

What key estate planning documents might I need?

Below is a list of estate planning documents that can be used nationwide:

• Revocable Living Trust: Assets are owned in the name of this trust which avoids probate, is private and provides a much quicker distribution of assets for use by heirs. If spouses need property kept separate or distributed differently, two trusts may be needed. Initial and successor trustees are named.
• Pour over Will: If assets are missed (or acquired post execution of revocable living trust), the Pour over Will transfers these assets at death into the revocable living trust for distribution via instructions in the trust.
• Financial Power of Attorney (POA): Allows a spouse, child, or trusted friend to pay bills, access your checking account, buy or sell assets, etc. when you cannot due to illness or mental incapacity. This can spring into action automatically when you become incapacitated, or POA authorization steps can be prescribed.
• Advanced Health Care Directives:
• Medical Power of Attorney (POA): You name who can make medical decisions for you in the event that you’re unable to do so.
• Directive to Doctors (Living Will): Tells doctors what you do or don’t want regarding life-sustaining treatments such as mechanical breathing (respiration and ventilation), tube feeding or resuscitation.
• HIPAA Waiver (Health Insurance Portability and Accountability Act): You name who can speak to your doctors for you if you are unable to do so. This makes it easier for you to protect the confidentiality and security of your health care information.
• Declaration of Guardian: You name who will be your guardian in case you become totally incapacitated.
• Transfer Documents: Used to transfer assets into the name of your revocable living trust. Trust assets are controlled by trust owners. These documents may include real estate deeds, life insurance or investment account beneficiary forms, and bank ownership certificates. Assets such as life insurance policies or investment accounts which are not transferred into ownership of your revocable living trust may be passed to heirs according to your beneficiary designations.

If you want to help share God’s Word in the U.S. and around the world, consider adding American Bible Society to your estate plan. Our regional advisors would love the chance to chat with you. Connect with an advisor by calling (800) 549-3328 or visiting our contact us” page. We look forward to chatting with you about how you can make an eternal difference while wisely planning your estate.