What do I need besides a living trust?

What Do I Need Besides a Living Trust?

Creating a living trust is a significant step in estate planning, but it’s not the only document you need to ensure your wishes are honored and your loved ones are protected. To complete your estate plan, consider adding the following essential documents:

1. Pour-Over Will

A pour-over will works in conjunction with your living trust. It ensures that any assets not already included in your trust are transferred into it upon your death, simplifying the distribution process.

2. Financial Power of Attorney

This document designates someone to manage your financial affairs if you become incapacitated. It allows your chosen agent to handle tasks like paying bills, managing investments, and filing taxes on your behalf.

3. Advance Healthcare Directive

Also known as a living will, this document outlines your preferences for medical care if you are unable to make decisions for yourself. It ensures that your wishes regarding life-sustaining treatments and other healthcare choices are followed.

4. HIPAA Authorization

This allows your healthcare agents to access your medical records and communicate with healthcare providers on your behalf, ensuring informed decisions about your care.

5. Beneficiary Designations

Review and update beneficiary designations on accounts such as life insurance, retirement accounts, and payable-on-death bank accounts. These designations often override instructions in your will or trust, so keeping them current is essential.

How ElmTree Law Can Help

Estate planning involves multiple documents that work together to protect your assets and your family. At ElmTree Law, we guide you through creating a comprehensive plan, ensuring all your legal tools are in place and aligned with your goals.