What type of documents should I be considering for my Estate Plan?

When people typically think of estate planning, the first thing that comes to mind is how they can control their assets after death. When considering this, most individuals come in to see us wanting to create some type of will or trust. While either of these documents can serve as an integral part of your estate plan, they are not the only things that should be considered. Estate Planning is not just a plan for after you die, but it is also a plan for how you can live out the rest of your life. A trust can also help control how your assets are used during your life, whether you want them to enjoy retirement or want to ensure money is set aside for when you may need medical treatment. Another aspect to consider is what type of medical treatment you want should you lose consciousness, either temporarily or permanently. While these questions are hard to answer, having a living will and Healthcare Power of Attorney lets your wishes be known even when you are unable to express them. Additionally, these can save loved ones the heartache of feeling like they have to guess at what you would want in a given situation.  Finally, everyone should have a Durable Power of Attorney for assets.  That way, if you cannot sign a document or perform a task related to assets you own, your agent (usually spouse) can handle that transaction for you.