When creating an estate plan, the first thing you may think about is a will or trust. While there is nothing wrong with this, you need to realize one thing to be true: There are many other estate planning documents that can give you peace of mind, both now and in the future.
It doesn't matter who you are, how much money you have or what you want to accomplish with your estate plan, don't hesitate to learn more about these legal documents:
- Living will. With this, you are able to outline your wishes in the event that you are unable to make important decisions on your own (such as the type of medical care you want to receive).
- Power of attorney. Do you have a family member or friend who could handle your medical decisions if you are incapacitated? If so, you need to create a power of attorney.
- Testamentary trust. You may come to realize that you need to leave assets behind to a minor. In this case, using a testamentary trust is a good idea.
While these are a few additional estate planning documents to consider, they are far from the only ones.
At our law firm, we don't want people to sell themselves short when creating an estate plan. We want everyone to make informed decisions now, so that they don't make things worse on themselves and/or their family in the future.
Once you have the right estate planning documents in place, you'll never have to think twice about what will happen if you face an incapacity or when you pass on.