Documents Estate Planning Lawyers Say You Need for Your Estate Plan

Many people believe that estate planning lawyers can only help them with drafting a will or a trust. But really, they can do so much more. They can  draft living trusts, prepare powers of attorney, and put together health care directives. They can also help put a plan in place to protect your assets, recommend estate planning techniques to help lessen or avoid estate taxes, and ensure that your business, your property, and other valuable possessions are passed down to the right people and that your last wishes are closely met. Basically, what they do is help you through the entire process of estate planning.

Larry W. Keown

Drafting a will or trust is one essential part of estate planning. But, planning your estate involves drawing up these other important legal documents as well:

Powers of Attorney (POA)

This document is your written authority assigning one person to act on your behalf and conduct your affairs in the event of your disability.

An estate planning attorney may tell you that you need two different kinds of Powers of Attorney.

Powers of Attorney for Property - This type of POA can give the authorized person the power to transact real estate, enter into financial transactions and make other legal decisions in connection with your financial matters during your incapacity.
Powers of Attorney for Personal Care - This type of document gives the person you assign the power to make decisions on your behalf on matters relating to your medical treatment, admission to care facilities, and personal care and personal hygiene decisions if you are not capable of making these decisions for yourself.

Kelli Preston

Beneficiary Designations

It is important to assign appropriate beneficiaries for assets that “pass over” or “pass outside” the Will. These assets include:

• Joint assets
• RRSPs, RRIFs and TFSAs
• Life Insurance policies
• Informal trust accounts or Totten Trusts or payable on death (POD) accounts
• Savings, checking accounts, CDs, and brokerage accounts
• Living Trust assets
• Charitable gifts
• Business partnership shares

These assets don’t require probate and can be automatically passed to beneficiaries without it being distributed according to your will.

Health Care Advance Directive

This document is also sometimes called a Living Will and outlines detailed instructions for your end of life wishes, in particular your medical care and treatment decisions should you become incapable of deciding for yourself. It will help loved ones and medical professionals identify how you would like to be cared for in a terminal condition, a permanent coma or in a persistent vegetative state. It may provide instructions on whether or not you wish to receive artificial life-sustaining procedures or not.

Justin R. Winch

A Health Care Advance Directive is an important document because you cannot specify what type of medical treatment you want in a Last Will and Testament. This document will usually go hand in hand with a health care power of attorney, where you appoint another person to speak and act on your behalf.

Guardianship Designations

This document is especially important if you have minor children or are considering having children. This will allow you to formally appoint a person to act as guardian of your minor children and give him or her authority to make decisions on behalf of your minor children and be legally responsible for their personal affairs, health and well-being when you are no longer able to do so.

These documents, along with an irrevocable will, are all important to your estate plan. You may need more documents, depending on the laws of your province. Consulting with estate planning lawyers in your area can help you sort out critical questions about your state's regulations and how it may impact your situation.