Your last will and testament may be the heart of your estate plan, but it is certainly not the only document that you need. The reality is that estate planning goes far beyond a will and you have many options that can give you more control over your estate, help you plan for the unknown, and allow you to create an overall plan that really accomplishes your goals.
What else do you need?
Keep in mind that estate planning is different for everyone, so your unique needs may not be the same as a friend or family member’s needs. Make sure you get advice from a professional who can guide you through the process. Some of the documents that you may need, depending on your situation, include the following:
- A living will
- A medical power of attorney
- A legal power of attorney
- A special needs trust
- An education trust
- An advance directive
- A life insurance policy
In the realm of trusts, in particular, there are far more options than the two common and important ones noted above. You can really create a trust to meet almost any need, from delaying payment of inheritance for a minor to giving an heir an incentive to accomplish goals you have set. Trusts have a lot of power and flexibility, making them quite useful for those who don’t simply want to leave assets behind.
Creating an estate plan takes skill. If you’d like to learn more about our services or the topic, please continue reviewing our website or reach out to us directly.