If you decide to write a will, you are probably thinking about how you want to split your assets up between beneficiaries and family members. Maybe you want to make concrete plans, like putting assets in a trust so that you have a bit more control over how they are distributed. Or maybe you just want to head off disputes. Perhaps you are worried that multiple beneficiaries will fight over what to do with the family home, for example, so you know it could be helpful to have a clear plan in place.
This is a very good place to begin. You need to decide how your assets will be distributed, and it can be helpful to take proactive steps to avoid disputes. However, it is also crucial that you remember there are other components to an estate plan that go beyond asset distribution itself.
Using powers of attorney
For instance, say that you become incapacitated in the future. Someone still has to make legal and financial decisions for you. They may need to be able to sell real estate, pay property taxes, access bank accounts, pay income taxes and much more. By using a power of attorney (POA), you can authorize an agent to take these steps on your behalf if your incapacitation makes it impossible for you to do so on your own.
You can also use a POA for medical purposes. You may not be sure what type of medical care you will need in the future, especially if it is an unexpected emergency, like suffering from a sudden stroke. However, by choosing an agent in your medical POA, you can give them the authority to work with your doctor and make the appropriate decisions in real time.
An estate plan can be complex and can address many areas of your life and your future. It can help to have experienced legal guidance to determine all of the options you have.