A will is a legal document that allows you to choose who will receive assets of yours upon your death, specifically probate assets. The will also allows you to name guardians of your minor children. Without a will your assets go to your heirs at law and you don’t control who is in charge of administering your estate or serving as guardians for your minor children. Without a will in place your loved ones may also end up spending additional time, money, and emotional energy to settle your affairs. Standalone guardianship proxies can also be used to name guardians in the case of incapacity.

Trusts have many benefits, including flexibility and privacy in how your assets are distributed and to whom. A trust can be used to help reduce or eliminate your estate tax liability. Trusts can also be used to avoid probate of your assets and are very important to avoid a court appointed conservatorship for a minor child. Commonly used trusts include revocable trusts, irrevocable life insurance trusts (ILITs), and supplemental needs trusts (SNTs). Your situation and wishes will guide what is appropriate to reach your goals.

The power of attorney document allows you to name someone you trust to handle your financial and legal affairs. It generally is useful for convenience and can become critical in making sure your finances are handled appropriately if you were to become incapacitated. In addition to making sure that bills can get paid, a power of attorney also prevents the need for a court appointed conservator if you were too become incapacitated

If you became unable to make medical decisions for yourself, a Health Care Proxy allows you to appoint a loved one to make medical decisions on your behalf and prevents the involved court process of guardianship if you became incapacitated. HIPAA waivers are related documents allowing your named healthcare agent and successor agents to have access to your medical information in order to make proper and informed decisions about your medical care.

A living will is a document regarding end of life measures. Whether or not you choose to have a living will, conversations with your health care agents and loved ones about your wishes for medical care are very important.