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Is There More to Estate Planning Than Writing My Will?

McNair Dallas Law

Large, multigenerational family needs comprehensive estate planning, not just a will.

One reason for having a will is to make sure your wishes are carried out. If you die “intestate” (without a will), your assets will be distributed by state law, not by your desires.

There is more to estate planning than just drafting a will.

Fed Week’s article entitled “Estate Planning: It’s Not Just about Making a Will” explains some of the essential components of a comprehensive estate plan.

Here are a number of components to include:

  • Durable Financial Power of Attorney. A power of attorney allows a person you name to act on your behalf regarding financial matters.
  • Power of Attorney for Healthcare. This authorizes another person to make medical decisions for you, if you are unable to do so yourself.
  • Living Will/Directive to Physicians. This document states your wishes on life-sustaining efforts.
  • General HIPAA Waiver. This document allows healthcare professionals to provide information on a patient’s health to third parties, such as family members.
  • Letter of Last Instruction. This personal document is an organized way for you to give your family important information about your finances and perhaps your reasons for your choices in your will or trust. This letter isn’t a will or a substitute for one.
  • Trust Planning.  This is a way to avoid assets going through probate. The assets in trust can provide funds for your heirs under the rules you set up.

Ask an experienced estate planning attorney about developing a comprehensive estate plan.  This plan can protect you, your loved ones, and your assets in case you become incapacitated, or if you need costly long-term care.  Contact our office today – we can help!

Reference: Fed Week (September 28, 2021) “Estate Planning: It’s Not Just About Making a Will”

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