If you are thinking about estate planning, a will can be a great place to start. You have to determine how you want your assets to be passed on to the next generation, including both financial assets and tangible assets. Your will gives you a chance to make these decisions, choose specific beneficiaries and make your wishes known to your family members.
However, to make a comprehensive estate plan, it may be wise to look into more documents than just a basic will. Below are two examples.
Making medical decisions
To start with, your estate plan can be used to make medical decisions, especially if you are worried about becoming incapacitated in the future.
There are two general ways to do this. The first is by using an advance directive. This allows you to list medical instructions and make decisions in advance. The second option is to use a medical power of attorney. This gives you the chance to choose an agent who will have the legal power to make decisions for you, if necessary.
Setting up a trust
Additionally, you can use the estate plan to create a trust. This can sometimes give you more control over how assets are passed on.
For instance, if someone has special needs, leaving them an inheritance may disqualify them from government benefits. But putting the assets into a special needs trust can ensure that they still qualify for and receive the benefits they need. The money in the trust can then be used to help them with things that are not covered by those benefits.
Creating an estate plan
These are just two options of many that you may want to consider when making an estate plan. Take the time to look into all of your legal options carefully.