Having only some of an estate plan done can be dangerous. Here are the minimum documents everyone should have, and why:
(Click each item to jump to an explanation about it.)
- Last Will and Testament
- General Power of Attorney
- Health Care Power of Attorney
- Living Will or Advance Directive
These constitute the least we at Arlen Card Law Firm (PC) feel that every person should have in their estate plan.
In addition, though, there are numerous types of Trusts that can makes things easier for relatives, shelter against unnecessary taxes, protect assets from creditors and predators, and fulfill custom, bespoke wishes of our client. The Revocable Living Trust is the most common of the lot because it can avoid probate entirely, and with moderate enhancement can also protect against the first bite of estate taxes.
People with very substantial wealth will want to consider more esoteric types of Trusts and structuring. See the pages dealing with the various types of Trusts if you’re curious.