Many people think that estate planning is all about knowing where their assets will end up when they pass on. While it's important to have a will or trust that outlines your wishes, let's focus on the various other types of estate planning.
Here are some of the other documents you may need to create:
- Living will. What will happen if you are unable to make your own important life decisions? Without a living will, you never know if your wishes will be carried out.
- Power of attorney. This gives a family member or friend the ability to make medical and financial decisions on your behalf. You hope you're always in position to make your own choices, but you don't know what the future could bring.
- Testamentary trust. You can include this in with your will if you need to protect some assets that you will be leaving to a child under the age of 18.
At our law firm, we know that many people don't fully comprehend the breadth and scope of a complete estate plan that is tailored to fit their individual needs. Fortunately, once you learn more about the topic, it's much easier to decide which estate-planning documents best reflect your intentions.
Estate planning may not be the most exciting thing you do, but responsible adults realize just how important it is to have the right details in place at all times.
If you don't have an estate plan or need to make changes to your current plan, call today to discuss your estate-planning needs with our attorneys.