Wills & Estate Planning
An estate plan is a compilation of critical legal documents that cover unfortunate events such as incapacity or death. A will is probably the most critical aspect of the estate plan, but an estate plan should contain even more than just a will.
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Estate Plan Documents
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Your estate plan should probably include some form of a living trust, a power of attorney covering medical care and finances, a health care directive or living will, and a last will and testament.
Living Trust
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A living trust is a legal relationship involving you (the trustor), a trustee, and one or more beneficiaries. There are many purposes of a living trust, one of the most important of which is to avoid probate if you die.
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Power of Attorney
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A power of attorney is a legal document giving somebody else power to act on your behalf. You should probably create a power of attorney covering your own health care and your finances, in case you are ever in an accident and you are unable to make those decisions on your own behalf.
Health Care Directive or Living Will
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A health care directive or living will is an instruction form that you fill out in case you are ever incapacitated to the point where you can't make your own decisions regarding your medical care. For example, you could instruct in advance that if you are ever on life support for more than two consecutive weeks, you should be removed from life support.
Last Will and Testament
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The last will and testament is the document that specifies what happens to your estate when you die. Your estate is the aggregate of all of your property and all of your debts.
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