Hi, this is Quinn Arnold with Arnold & Mote Wealth Management. People ask us what estate documents or wills do they need so that they’re set up for the end of life.
The answer is usually pretty simple.
You need a will, and if you’re married, your spouse also needs one. That really designates what happens to your estate.
The second thing you need is a power of attorney set up so that somebody else can run your life if you’re incapacitated. These are really important for a friend or a spouse or another family member to know that they’re in charge.
A third thing that most people need is a health care directive or what some people call a living will. That’s the document that tells the doctors and hospital staff what happens to you if you’re incapacitated in the hospital and you want to be cared for according to your wishes.
One thing most people don’t need is a trust. Trusts are expensive and unless you have complicated property arrangements like extra homes or farmland, it’s overkill that many people just do not need.
A final thing to think about is your digital life. What happens to your Facebook login and your passwords if you die or are incapacitated? You can write that into your will now and make sure that somebody knows how to administer your digital life, as well as your physical life.
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