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ESTATE PLANNING
When it comes to creating an estate plan, having three essential documents is crucial: a Will, Power of Attorney, and Personal Directive. These documents ensure that your wishes are carried out and that you have designated persons to make decisions on your behalf if you are unable to so.
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Last Will & Testament
Power of Attorney
Personal Directive
A Will is a document that comes into effect once you have passed away. It sets out your wishes such as naming of guardians for the children, gifts to your beneficiaries, provisions for pets, and the authority of your executors. You can also create testamentary trusts within your Will. If you pass away without a Will, your estate is distributed intestate. This may result in undesired gifts, transfer of funds to children at the age of 18, and significant legal fees.
The Enduring Power of Attorney comes into effect while you are still alive. Based on the language of the document, it may be effective immediately on signing or when you lose mental capacity. The person(s) you name in the document will be able to make financial decisions and take steps to manage your assets and debts while you are incapable. Often, clients ask for this document to be effective only if they are unable to make decisions for themselves, such as medical emergencies. Learn more in our article: Why you Need an Enduring Power of Attorney: Understanding the purpose and benefits.
A Personal Directive comes into effect while you are still alive but unable to make medical and personal care decisions for yourself. The person you name will be able to decide on your medical treatment, where you live, who you interact with, and other daily needs. The document can come into effect once a doctor determines you are incapable or immediately on signing. Learn more in our article: Top 7 Situations where a Personal Directive is Essential.
ESTATE TOOLS
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Trusts can be a valuable tool for anyone looking to protect their assets and provide for their loved ones. However, with so many different types of trusts available, it can be difficult to know where to start. Let us help.
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Codicils are utilized to make minor changes to your existing will. They allow you to update your will without having to create an entirely new document. Talk to one of our lawyers to see if this is the right option for you.
