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Do not overlook your needs when making your estate plans

When creating your estate plans in Orange Park, you may become so focused on leaving your loved one an inheritance that you overlook the most important person in the process: yourself. There is nothing wrong with looking out for your family members and doing what you can to ensure they receive your assets and legacy when you die. But if you do not make provisions for yourself that will protect you if you live longer than you expect and fall ill, you could end up needing their inheritances for yourself. 

Estate planning is a process that you must take seriously. You may not want to think about how dependent you may be on others or how much care you may require should you become incapacitated. But the earlier you start, the more time you will have to prepare and plan. Here are some key things you should include in your estate plans for yourself. 

A living will 

A living will is a document in which you detail what kind of medical care and treatments you do and do not want to receive to save or prolong your life. Everything you specify in this document goes into effect when you become medically incapacitated and unable to speak for yourself or when you are no longer of sound mind to make decisions yourself.

You can also use your living will to contain your advanced directive. Because it is hard to anticipate the type of medical care and treatment you may need when you are near the end of your life, you can name a person to act as your agent when you cannot. 

A durable power of attorney 

Your bills and financial obligations do not take a backseat to serious illness and injury. You need someone to assume legal responsibility for managing your financial affairs when you are no longer able to. Choose someone you trust implicitly who has a history of being responsible and financially smart, and who has the time to properly handle your affairs to protect your interests. 

Update your estate plans frequently to make sure your loved ones have your current wishes to follow. Keeping them up-to-date also reduces confusion and disputes amongst your loved ones and ensures that you are taken care of as you age.

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