A will is the most basic estate planning document. For many people, wills are ultimately the only documents they create.
Supplementary documents may be necessary to address matters beyond naming their beneficiaries, selecting a personal representative and identifying a potential guardian for their children. What legal documents are often beneficial additions to wills for people creating or reviewing their estate plans?
1. Advance directives
People never know when they might experience a medical emergency. Particularly when people have chronic medical conditions or specific medical preferences that may not reflect current medical standards, an advance directive explaining their wishes can guide the care they receive when they cannot communicate. They can also appoint an agent to handle their medical matters.
2. Powers of attorney
People may need to designate an agent to handle financial matters, such as paying their bills, monitoring investments or running a small business. Financial powers of attorney (POA) can help ensure that a trusted person can oversee an individual’s needs when they become incapacitated.
3. Trusts
There are many scenarios in which a simple will may not adequately address challenging situations. People concerned about disputes within a blended family, those who have beneficiaries in difficult situations and those concerned about either estate taxes or creditor claims may want to consider creating a trust to supplement a will and other documents in their estate plan.
The addition of the right documents to an estate plan can protect people in a number of situations and can grant a testator more control over their legacy. Reviewing personal priorities with an estate planning attorney can help people add the right documents to their estate plan.
