By Laurie E. Ohall, FL Board Certified Elder Law Attorney
Picture your estate plan as a puzzle — when all pieces fit perfectly, they create a beautiful picture of security for your loved ones. Let’s explore the most common questions that arise when piecing together your legacy.
Think of your estate plan as your life’s instruction manual. A complete plan typically includes:
- A will — your basic set of instructions.
- A revocable living trust — your private pathway for asset distribution.
- Power of attorney — your designated helper for financial decisions.
- Advance directives — your voice for health care when you cannot speak.
- Final disposition instructions — your wishes for your earthly remains.
Unlike a simple document, your estate plan is a living framework that evolves with you, carrying your intentions from the moment you sign until long after you’re gone.
Why do you need a will if you have a trust? It’s like having both a belt and suspenders — redundancy provides security. Your ‘pour-over will’ serves as a safety net, catching any assets that haven’t made it into your trust and directing them there. Ideally, this will never come into play (avoiding the probate process), but having this backup provides essential protection for overlooked assets.
Which document matters most? The answer depends on life’s circumstances:
- During incapacity: Your trust and power of attorney will become your voice.
- After passing (and no beneficiaries listed): Your will and pour-over will become critical.
- For seamless transitions in both scenarios: Your revocable living trust often serves as the cornerstone.
Remember, your estate isn’t just your house — it’s everything you own, from the car in your driveway to the cash in your wallet, your retirement accounts to your grandmother’s china. Many people are surprised to discover their estate is more substantial than they realized. Without proper planning, these assets may travel a path you never intended.
Can you do this planning without the help of an attorney? Yes, but while DIY plans might seem cost-effective initially, they often lead to expensive administrative headaches due to overlooked details or technical errors. Using an experienced attorney can save your loved ones both heartache and financial strain in the long run.
