About the Documents in Your Trust and Will Plan

A comprehensive estate plan is about more than just a will or trust—it’s about ensuring your wishes are honored, your loved ones are protected, and your assets are managed efficiently. Here’s a breakdown of the key documents that typically form the foundation of a robust trust and will plan:

Last Will and Testament

The will is the cornerstone of any estate plan. It outlines:

How your assets should be distributed after your passing.

Who will act as the executor to manage the distribution process.

Guardianship for minor children, if applicable.
Without a will, state law determines these matters, which may not align with your wishes.

Revocable Living Trust

A trust allows your assets to bypass probate, saving time and legal costs. A revocable living trust:

Holds and manages your assets during your lifetime.

Allows you to make changes or revoke the trust as needed.

Distributes assets to your beneficiaries upon your death according to your instructions.
It’s especially useful for managing complex estates or ensuring privacy.

Durable Power of Attorney (Financial POA)

This document designates someone you trust to handle financial matters on your behalf if you become incapacitated. They can:

Pay bills, manage investments, and handle other financial transactions.

Prevent unnecessary court-appointed conservatorship proceedings.

Healthcare Power of Attorney

This document appoints someone to make medical decisions for you if you are unable to do so. Your chosen agent will:

Communicate with doctors and manage your medical care.

Ensure your healthcare preferences are honored.

Advance Healthcare Directive (Living Will)

This outlines your preferences for end-of-life medical care, including:

Whether you wish to receive life-sustaining treatments.

Preferences for resuscitation, feeding tubes, or ventilators.
It ensures your medical care aligns with your values and relieves loved ones from having to make difficult decisions.

HIPAA Authorization

This allows your designated agents or loved ones to access your medical records and communicate with healthcare providers. Without this, even family members may be denied access due to privacy laws.

Pour-Over Will

If you create a trust, a pour-over will ensures any assets not already transferred to the trust during your lifetime are “poured over” into the trust after your passing. It acts as a safety net to ensure nothing is left unaccounted for.

Beneficiary Designations

Certain assets, such as retirement accounts and life insurance policies, pass outside of a will or trust. Updating beneficiary designations ensures these assets align with your overall estate plan.

Deeds and Property Assignments

For real estate, a trust plan often includes a deed transferring property ownership to the trust. This ensures the property avoids probate and is distributed per your trust instructions.