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3 critical estate planning documents to consider

As one of our Texas readers, you have the right to do whatever you want, within reason, regarding your estate plan. This includes not creating a plan at all, and simply hoping that things work out for the best after you pass on. While this is not recommended, it is something that many people do.

More than half of American adults have not created an estate plan, meaning they are taking a big risk with their future. There are many reasons why people opt against this, ranging from not having enough money to being single among others.

Regardless of who you are, if estate planning is on your mind, there are three documents you should consider creating. A basic will is a great place to start, regardless of how much money you have to your name. Without this, things are going to get complicated when you pass on, which is not something your family will want to deal with.

A power of attorney for health care is every bit as important, as this lays out your wishes for medical treatment should you become incapacitated and unable to make your own decisions.

A power of attorney for finances, as the name suggests, is a document that names a person to take care of your financial affairs should you be unable to do so.

When it comes time to start the estate planning process, consider the importance of the documents above. Along with this, focus on how you are going to create these documents and the steps you must take to ensure that they are 100 percent legal in your state.

Source:  The Atlanta Journal-Constitution, "3 estate planning documents every adult needs" Nedra Rhone, Jul. 15, 2014

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