Planning for a time when you are no longer alive is not the most pleasant task. Some people might be scared of death, while others may be in denial that death will happen to them. Still others are just procrastinators. However, there is no good reason to avoid something as important as estate planning.

Estate planning will provide you with peace of mind. Knowing that your affairs are in order and that your family and loved ones will be taken care of once you die is invaluable. Not only that, but having an estate plan in place can help you to avoid future costs. In fact, some estate planning attorneys estimate that planning costs about one-third the amount of the cost of not planning.

Estate planning attorneys recommend that everyone has a will, a durable power of attorney for medical decisions and a durable power of attorney for financial decisions. It is important to have a power of attorney designated for both medical and financial decisions. Also, choosing an appropriate agent as your power of attorney is crucial. Even spouses need a power of attorney document to make medical or financial decisions for their incapacitated spouse.

While wills are important, there are other documents that may be necessary depending on your personal situation. Single persons with no dependents might be best suited with a living will that covers long-term care. Those with children may want a guardianship document. 

Remember, using do-it-yourself estate planning documents is risky. While it is an option, you will not be provided with any guidance as to what is best for your particular situation, and you might not be covering all of your bases.

Taking the time to complete your estate planning now demonstrates to your loved ones that you care about them and want to plan for their future after you are gone.

Source: Dayton Daily News "Planning for the worst" 8/17/10