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Principled Advocacy For Families And Individuals With Disabilities And The Professionals Who Serve Them

Estate planning instruments that you may find useful

On Behalf of | May 13, 2024 | Estate Planning

As an adult, estate planning is very important. Nonetheless, it is estimated that over half of the population has no estate plan in place. There are numerous reasons for this. Some people find talking about estate planning depressing. Others believe that it is something that only the elderly or infirm need to think about. Many simply aren’t aware of the numerous estate planning instruments that there are. 

Here are some estate planning instruments that you may find useful.

A final will 

A will is the starting point of any estate plan. This document can carry out different functions, but it mostly centers around naming beneficiaries who inherit your assets upon your death. Without a will, a person dies intestate. This means that the court will decide how assets are distributed, in line with state laws. A will is the best way to ensure that the assets and savings you have worked so hard for go to the right people.

In a will, you can also name guardians. These are individuals tasked with looking after your minor children should something happen to you. You can name more than one guardian, in case something happens to your first choice.  


Trusts are another useful way to distribute assets. Unlike a will, trusts bypass probate, which means assets can get to beneficiaries in a much more efficient manner. You can start moving assets even before you pass away. Another advantage of trusts is that they can have very precise terms. For example, you can utilize an incentive trust to provide financial assistance for your loved ones on the basis that they progress in their career or education. 

Power of attorney 

A power of attorney designates someone to make decisions on your behalf should you become incapacitated. For instance, a financial power of attorney can make financial decisions on your behalf should you be unable to. A healthcare power of attorney can ensure that your healthcare needs are met according to your wishes. 

Seeking legal guidance can provide you with all of the relevant information you need for drafting your estate plan or making changes.