Paul O. Dillon, Attorney at Law

What Should Be Included in Your Estate Plan?

Estate planning attorneys often have clients who are more than 100 years old. However, those clients have usually made all their estate planning decisions while they were far younger, like in their 70s or 80s! A recent article, “Guidelines for estate planning, from a Golden Valley attorney,” from Sun Post, explains what your estate plan should include and why.

People should have their estate plans in place long before they turn 100, to provide peace of mind for themselves and for their heirs and executors, who will need to take over their affairs in case of incapacity or when they ultimately die.

Everyone should have a healthcare directive, sometimes called a Power of Attorney for Healthcare or Healthcare Proxy. This allows another person to have access to medical information and acts to express your wishes if you can’t communicate your wishes because of illness or an injury.

One person should be appointed to follow your healthcare and end-of-life instructions. Making your wishes clear in a legally binding document ensures that your loved ones know what you want and will help them make decisions for your care during a healthcare crisis.

You’ll also want a financial power of attorney in place so someone else can manage your financial life. Some people opt to make their bank accounts payable to a trust or retitle the bank as a “Transfer on Death” (TOD) account. This lets someone gain access to your finances. Let’s say you needed to be hospitalized for an extended period—having these documents in place will allow bills to be paid, your home maintained and avoid penalties for late or non-payment.

Many people today have trusts to prevent the estate from going through probate. When a will goes through probate, it becomes part of the public record. Probate takes time and can be costly. While probate in some jurisdictions isn’t as bad as in others, it can delay settling your estate by months or years.

Everyone who is over 18 needs to have a will. A will describes how your assets are to be distributed. If you have family heirlooms, for instance, your will can clarify who you want to receive a necklace or piece of art. The will instructs your executor, so they know exactly what you want to happen.

Your will is also used to nominate a guardian for minor children. Parents should always have a will, so they can name the person they want to raise their children in case both parents die.

Not having an estate plan leads to all kinds of problems for families. For one thing, the distribution of assets, and who should be the guardian for children and executor of your estate, are all decided according to the state’s laws. You may not have wanted your first cousin to raise your children. However, the court will make the decision for you. It’s better to have a will.

If you already have a will but haven’t updated it in more than three years, it’s time to dust it off and have it reviewed by an experienced estate planning attorney. Changes in your life and tax laws could mean that your will isn’t going to work the way it once did.

A final note: ask your estate planning attorney about how to store your estate planning documents. If your documents are stored at a safe deposit box, they will be sealed upon death and won’t be accessed until a court order has been obtained. This can delay settling the estate and create complications for loved ones.

Reference: Sun Post (March 20, 2025) “Guidelines for estate planning, from a Golden Valley attorney”

Should I Have an Advanced Health Care Directive and a POLST?

It’s easy to be overwhelmed by the numerous acronyms in estate planning. However, it’s essential to understand which documents you need and which ones you may not yet require. The POLST is a prime example. According to a recent article from MSN, “Liza Horvath, Senior Advocate: Do I need a POLST?” everyone should have a will, a power of attorney for finances and an advance healthcare directive (AHCD).

A will is used to distribute assets after death, while the power of attorney is used to name a representative to act on your behalf for financial matters. In contrast, the AHCD and POLST are used to express your wishes regarding medical care. The AHCD and the POLST are also slightly different from the Healthcare Proxy or Power of Attorney for Healthcare.

Many estate planning documents have different names in various states. Therefore, it’s essential to consult with an estate planning attorney in your area to determine which documents are required. A document created and executed in one state may not be valid in another state. Therefore, if you spend time in more than one jurisdiction, you’ll need to ensure that your estate planning documents are aligned with the laws of all applicable states.

If you are seriously ill and don’t want to be resuscitated in a medical emergency, you should have both the AHCD and the POLST. The POLST is an acronym for Physician Orders for Life-Sustaining Treatment. The Advance Health Care Directive appoints a person to express your wishes regarding healthcare as outlined in the document.

The POLST, which is completed with your physician, is used to tell emergency responders and other healthcare providers not to resuscitate you in case of cardiac arrest. The AHCD is not a “don’t resuscitate” order.

If you have a POLST, it should be kept in your home, possibly posted on the refrigerator, where anyone entering the house for an emergency is likely to see it. You may want to provide copies to your physician and local hospital and keep a copy in your car. The POLST is usually printed on bright paper for higher visibility.

If emergency responders come to your home and they don’t see the POLST, they are required by law to keep you alive. If your adult child has the POLST, but it’s not in your home, again, they will take measures to keep you alive.

POLST, like other estate planning documents, should be prepared with thoughtfulness. While both the AHCD and POLST can be emotionally challenging to consider, having them in place as part of your overall estate plan will alleviate the guesswork your family will face if they are unsure of your wishes. You don’t want this to happen during a health emergency when emotions are running high.

Discuss with the person you are naming as your healthcare agent to ensure that they understand your wishes. If your sibling is too emotional to follow your wishes and tells you she won’t be able to instruct the doctors to take you off life support, then she may not be the right person to act as your healthcare proxy. Name a person who will follow your wishes, even if they differ from their own.

Having a comprehensive estate plan means having the right documents in place for your healthcare, in sickness and in health. Your estate planning attorney will help create the documents to express your wishes, whatever they may be.

Reference: MSN (March 17, 2025) “Liza Horvath, Senior Advocate: Do I need a POLST?”

How Young Is Too Young to Have a Will?

Being young and healthy is unfortunately no protection against an early death, which is why all adults aged 18 and up and especially parents need to have an estate plan, including a will, says a recent article, “You’re Young and Barely Making Ends Meet. Why You May Need a Will,” from Barron’s.

Only about 22% of young adults aged 29—44 and nearly 15% of adult Gen-Zs, aged 19—28, have estate plans. This poses risks for their spouses, if they are married, and their children, if they are parents.

A last will and testament is used to distribute your assets upon death. This is the best-known aspect of estate planning. Still, it’s only one of several documents, including a living will, also known as an advance directive, which designates who may make medical decisions on your behalf in the event of incapacity. While someone in their 20s or 30s may not have children, they may still enjoy activities like rock climbing, bungee jumping and engaging in physically demanding pursuits. People in their 20s and 30s are statistically more likely to be injured in car accidents, skiing, or while travelling.

This doesn’t mean anyone should limit their activities. However, it does mean young adults need to have estate plans in place to express their wishes in case of incapacity or death and protect themselves and their loved ones. Once these documents are prepared and executed, parents or the individual named in the living will are allowed to communicate with doctors, access medical records and be involved in a young adult’s care. Otherwise, decisions may be made by doctors and not family members.

Young adults with small children need a will to name a guardian who will be responsible for raising their children in the event both parents die unexpectedly. If there is no will, or if the will doesn’t include a guardian, a court will decide who will raise the children.

Every adult should also have a power of attorney. This gives a person of your choice the legal ability to manage your finances, including paying bills. A power of attorney can be customized to permit your agent—the person named in the POA—to perform specific actions but not others. For instance, you may want the person to be able to access accounts and pay bills, but not to sell your Pokémon card collection.

Another important aspect of an estate plan is to verify the beneficiaries named on various types of accounts. Any assets with a named beneficiary, such as an IRA, investment account, or insurance policy, will not need to go through probate and can be transferred directly to the beneficiary. However, if the IRA you opened at your first job named your last girlfriend as the beneficiary and you’ve since broken up, make sure to change the name on the account. The beneficiary designation overrides the will, so it won’t matter if you left all your assets to your fiancé; your former partner will still inherit the account.

Estate planning attorneys assist individuals at all ages and stages of life with their estate planning needs. The estate plan you need in your 20s and 30s differs from the one you need in your 60s. However, at any age, an estate plan is essential for being a responsible adult.

Reference: Barron’s (March 15, 2025) “You’re Young and Barely Making Ends Meet. Why You May Need a Will”

Estate Planning for Creators, Artists and Writers

There is no shortage of articles about legal battles over the control of famous artists’ works and their estates. There are many lesser-known artists, including content creators, graphic designers, photographers and others in creative fields, who should consider pointers in a recent article from New York State Bar News, “Estate Planning for Artists: How to Plan and Protect Your Legacy,” about protecting their legacies.

The creative person’s estate includes original works of art. However, it also includes intellectual property, copyrights, trademarks and the rights to derivative works. For instance, an artist who sells artwork on the popular Redbubble website maintains ownership of their art. However, they still need to protect their art and their estate.

Artists often own studios or businesses to manage their works and rights. Their estate plan should be drafted by an experienced estate planning attorney who understands the value of their creative property, as well as the studio or business assets.

Copyrights last for the life of the author plus an additional 70 years, so an estate plan needs to address the intellectual property ownership of the artist during their lifetime and after death. New revenue-generating opportunities may emerge after the artist’s death, even if it seems unlikely while they are alive. Elvis Presley could be said to be more popular now than he was during his lifetime. While this is an extreme example, many artists are recognized only after they have passed away.

The artist should ensure that they name an executor who shares their passion for their art, as well as possesses the skills to manage their creative legacy and administer their estate. It’s wise to name a successor in case the primary executor is unable to serve in this role when the artist dies.

Having a plan for communication is advantageous for creative and “regular” estates. If multiple family members need to sign off on something, such as if a copyright comes into possession of more than one heir, getting everyone together to review and agree on a document can be challenging.

To enforce intellectual property rights, artworks must be registered with the U.S. Copyright Office. Doing this on an ongoing basis while the artist is alive will make it easier for heirs to defend the estate. If this is not done during the artist’s lifetime, it will be challenging, if not impossible, to do so when the artist is incapacitated or after they’ve died.

Contracts, consignments, sales, gifts and loans must be drafted to include intellectual property rights as narrowly as possible. The records of these transactions must be maintained even after the contract has been concluded to document the license. The records may also be useful for heirs to locate or determine ownership of physical artwork.

If the artist has a prenuptial or postnuptial agreement, it may include language concerning the retention of intellectual property rights by the artist in the event of a divorce. Joint ownership of artwork with a hostile ex-spouse can be as difficult as outright theft to an artist’s legacy management.

Careful record-keeping may not be a creative person’s favorite activity. However, using and retaining detailed records will be worthwhile for both the artist and the estate. Inventories of completed work, documenting intentions for incomplete artwork or artwork the artist doesn’t wish to release, as well as gifts or exchanges with other artists, and information about digital records, along with instructions on how to access them, will make the executor’s job easier.

Dying intestate, or without a will, is never a good idea, especially when there are multiple heirs. If a person dies without a will and there is property in their estate that has not been disposed of under a trust, an administration proceeding must be filed, and the property will be distributed according to the state’s laws. For an artist, this can undermine the management of their work and lead to a loss of control over their intellectual property. The artwork could go to people who don’t care about it or don’t know how to manage it.

An estate plan is as essential for the creative person as it is for someone who can’t draw a stick figure. Having a will, trust, power of attorney and healthcare documents protects individuals, their families and their legacies.

Reference: New York State Bar News (March 6, 2026) “Estate Planning for Artists: How To Plan and Protect Your Legacy”

Who’s On Your Estate Planning Team?

Figuring out when to retire is one of the biggest decisions people make. Engaging with trusted professionals can help you make the best decision for your circumstances. To be sure you’re fully prepared, an aptly-titled article from Kiplinger recommends “The Six People You Need to Talk to Before Retiring—and the Best Questions to Ask.”

A financial planner will help clarify long-term wishes and goals. By working with a financial advisor early on, you’ll have someone to develop a plan for the lifestyle you want in retirement and understand how to get there. When you’re closer to retirement, they’ll help button down your plan and help you make realistic decisions.

An experienced estate planning attorney will ensure that your estate is prepared correctly and your legal affairs are in order, with protection in place if you become incapacitated and after you’ve passed. Even if you don’t expect to leave significant assets to heirs, your family will appreciate your having an estate plan so they aren’t faced with the stressful challenges and costly problems occurring when there is no will. The estate planning attorney will discuss whether you need a trust to protect assets and smoothly transfer assets to beneficiaries.

You’ll also want Power of Attorney and Health Care Proxy documents created specifically to your wishes. These documents allow a person you choose to take care of financial and health matters if you cannot speak on your own behalf. Talk with the estate planning attorney about ensuring that assets are distributed according to your wishes and minimizing estate taxes for heirs.

An insurance broker will help with risk management before and after retirement. They can help with the options for Medicare and health insurance coverage, which can be overwhelming once you leave an employer’s plan. Talk with an insurance agent about long-term care costs and what policies are available. You may need to purchase a hybrid life insurance plan to obtain long-term care insurance. However, long-term care costs are exorbitant, so you should have an LTC policy if possible.

Most people don’t know about working with a senior living advisor. However, they can be invaluable to enhancing the quality of your life in retirement. They help people identify a wide variety of tools and services. For instance, many new tech tools are making it safer for seniors to stay in their homes, local services through various agencies and longevity care options to explore.

Social Security advisors add another layer of knowledge to retirement planning. A Social Security advisor will help determine the best time to take benefits based on your financial situation. There’s more than your age to consider. Death of a spouse, divorce, chronic conditions and disability should be considered when deciding on the best time to take benefits.

Retirees need to have a CPA on their team as well. Balancing withdrawals from tax-advantaged accounts like IRAs or pensions, Social Security benefits, and withdrawals from investment accounts must be planned with taxes in mind. A CPA will help you create a plan for cash flow in retirement.

Americans don’t like to talk about death or money. However, when preparing for retirement, these subjects must be discussed to create a good plan. When you’ve identified your team, don’t hold back. The more information you share with them, the better they can help prepare for an enjoyable retirement.

Reference: Kiplinger (Feb. 27, 2025) “The Six People You Need to Talk to Before Retiring—and the Best Questions to Ask”

Seniors can Protect Health and Financial Security

Even though the calendar says March, winter hasn’t left yet. According to a recent article, “Winter safety for seniors: How to protect yourself from liability,” from News Tribune, an unfortunate event can occur at any time. What can you do to protect yourself?

Start by executing essential estate planning documents. People think “estate planning” is an elaborate way of saying “last will and testament.” However, this isn’t so. They also believe that if there is no will, their children or spouses will inherit everything. That’s not true either.

Accidents and illnesses can strike anytime, so everyone needs to have these estate planning documents in place. At the same time, they can address problems, like incapacity and disability.

Everyone should have a Power of Attorney for Healthcare, a Power of Attorney for Finances, a HIPAA authorization, a Last Will and Testament and a Living Will. Once your estate planning attorney creates Power of Attorney forms, an authorized agent can handle your financial and health matters.

When you grant someone the power to act on your behalf, you don’t lose the ability to act yourself. This differs from guardianship or conservatorship, where the court removes your authority and independence, giving another person power over your life and/or financial matters.

A HIPAA Authorization gives healthcare providers and insurance companies the legal authority to speak with another person about your care. Without this written authorization, properly executed by an estate planning attorney, your family may be shut out of critical decisions.

If you suffer from a terminal condition and cannot explain your preferences for medical treatment, your Living Will provides end-of-life instructions for your healthcare representative (granted through a Power of Attorney for Healthcare or Medical Proxy) and your medical providers.

If you have adult children, ensure that they also have these documents and an estate plan. Having a plan before you need it prevents you from adding further stress and costs to a personal crisis.

Protecting yourself from risk and the unexpected takes a little time and effort. However, when the need for these documents arises, you and your loved ones will be glad they are in place. Talk with an experienced estate planning attorney today to plan.

Reference: News Tribune (March 3, 2025) “Winter safety for seniors: How to protect yourself from liability”

Retirees Need Six Legal Documents

Around half of all retirees surveyed have a last will and testament. Most are without crucial legal documents, according to a recent article from MSN, “6 Legal Documents That Most Retirees Need—but Don’t Have.” Here’s what you need to know about these critical documents.

Medical Power of Attorney or Healthcare Proxy. This document gives another person the authority to make medical decisions for you if you can’t make the decisions and communicate them yourself. People wrongly assume their spouse or adult children will automatically be permitted to talk with healthcare providers. This is not true, and you don’t want to find out about this in the middle of an emergency. If you are seriously injured and want your loved ones to be involved in your care, your estate planning attorney can create a medical power of attorney with your wishes clearly expressed. A downloaded form may not be valid in your state, since each state’s rules are different. You may also have wishes different than standardized forms, so you’ll want a personalized POA.

Advance Directive or Living Will. This legal document helps medical professionals and your loved ones. It needs to be very clearly prepared to reflect your wishes for end-of-life care if you can’t express yourself. The document is used when an accident, illness, or other condition prevents you from responding. Do you want to be placed on a ventilator, be attached to an artificial heart and lung machine, or receive nasal feeding? These are not easy to contemplate. However, consider what your family will go through if they have to guess what you would have wanted. An estate planning attorney should create this document to be sure it is valid when it’s needed.

Financial Power of Attorney. The financial POA allows a person of your choosing to make financial decisions for you. No one likes to give up control of their assets. However, if you aren’t able to manage and there is no POA, the family will need to go to court and petition the court to have a guardian appointed. This takes time and can be costly. Having your estate planning attorney create a financial POA while preparing the rest of your estate plan is better than going to court.

The POA documents can be as specific or as general as you wish. Your estate planning attorney will have recommendations to best suit your situation.

HIPAA Waiver. Rules on sharing medical information are strict, and healthcare providers are trained to follow the rules, or their employer may face fines or lawsuits. A HIPAA Waiver or Release allows doctors and insurance companies to share information with the person you designate.

Funeral and burial arrangements. If you don’t outline your wishes, your family will do what they think is best, which may not be what you want. Some people don’t care. However, if you do, making these arrangements in advance will give you peace of mind and, in some cases, a sense of control over your final wishes.

Trusts. A trust is used to own assets designated for beneficiaries. It is used to move assets out of the probate estate, so they go through probate and can go directly to the named beneficiaries. Many people have trusts, so they have better control over their assets while living and after passing.

Like a last will, these documents must be reviewed and updated every three to five years. There are changes in our lives and tax laws. Make sure your wishes are reflected in your estate plan with regular reviews.

Reference: MSN (Feb. 24, 2025) “6 Legal Documents That Most Retirees Need—but Don’t Have”

An Estate Plan Can Say, ‘I Love You’ More than Flowers

Estate planning is more romantic than you might think. It ensures that someone or a group of people you care about receive instructions for challenging situations and how assets are distributed. It’s about ensuring that someone has a power of attorney and medical directives. These are acts of love, according to a recent article from Wealth Management, “Say ‘I Love You’ With an Estate Plan.”

With an estate plan in place, family members aren’t forced to make difficult decisions or worry about someone’s wishes not being granted. Without it, loved ones may face a lifetime of regret.

You may think spouses automatically receive everything upon the death of a spouse. However, it doesn’t always work this way. If there are children and there is no will, the assets are divided between the spouse and the children in many states. If the children are minors, the surviving spouse may be left scrambling to make up the difference to support the children. They won’t be able to access the minor children’s inheritance, as a court-appointed conservator may control the assets.

The last thing you want a grieving spouse to have to do after you’ve passed is to deal with legal complications, unexpected expenses and a struggle to pay bills. Creating an estate plan with an experienced estate planning attorney prepares the spouses for what will happen when one passes and allows the family to focus on grieving and caring for each other, instead of untangling disorganized finances.

Planning for estate taxes is another act of care for loved ones. Life insurance is often used to cover the cost of any taxes, which reduces the taxable estate and adds to the assets a loved one will receive. Without planning, an estate can lose one-sixth of its value in taxes alone, so tax planning should always be part of an estate plan.

To make estate plans more meaningful, you may want to leave a written note to loved ones. Often called an ethical will, this personal message shares the life lessons you’ve learned, values and encouragement. For some family members, the message of thoughtful and loving advice becomes an annual ritual, where the ethical will is read every year and often referred to when facing tough decisions in their personal and professional lives.

When someone dies unexpectedly or has no opportunity to say goodbye, having these final words can anchor loved ones through life. Putting your love and wisdom into a letter will add to your legacy.

Estate planning is more than paperwork. It lightens the pain of loss, preserves peace among the family and demonstrates caring for those you love. If you don’t have an estate plan, give yourself and your loved ones peace of mind by making an appointment today.

Reference: Wealth Management (Feb. 13, 2025) “Say ‘I Love You’ With an Estate Plan”

How Estate Plan Protects Your Family

Estate planning is one of many ways to make a difference to your family’s future. Whether starting from scratch or revising a will created many years ago, your estate plan gives you control over your assets and secures your loved ones. The title of a recent article from Florida Today says it all: “Your family’s future is important to you. These estate-planning tips can help secure it.”

If you don’t have a will, get started on this part right away. A will outlines how you want assets to be distributed upon your death. Without one, the probate court in your jurisdiction will determine who receives your property, and while you may not be around to see the results, your family will. If you have a will but haven’t reviewed it in a while, you’ll want to know if it still makes sense for you. Life is all about changes, good and bad, and your will should reflect your current life.

Living trusts keep assets in the family and pass from one person to the next without court involvement. Property owned by a trust goes directly to the beneficiaries without going through the probate process. Even better, trusts are used to appoint a trustee who will manage the assets if you become incapacitated. A trust works while you are living and after you have died. Families with significant assets, blended families and anyone looking for a smooth way to pass assets to loved ones rely on trusts.

People underestimate the importance of a Power of Attorney. A durable power of attorney gives a person of your choosing the legal authority to act on your behalf in financial matters. If you are too sick to pay bills or manage investments, an agent (the person named in the POA) can act on your behalf. Without this document, your family must petition the court to appoint someone to manage your life. The court has no obligation to name a family member or even someone you know to oversee your life. It’s far better to simply have an estate planning attorney create a POA suited to your needs.

You’ll also want an advance healthcare directive, sometimes called a living will, to express your wishes for healthcare in case you can’t. This document includes your wishes regarding life-sustaining treatments, organ donation and end-of-life care. The healthcare directive serves two critical purposes: it allows you to state your wishes and spares your family from not knowing what you want during a healthcare crisis. An emergency is no time for your children to guess what Mom wants.

Beneficiary designations are used in many financial accounts to allow the asset to go directly from the original owner to the beneficiary without going through probate. Beneficiary designations override your will. If you want your nephew to inherit your IRA but your IRA’s beneficiary designation is your spouse, your nephew gets nothing. People who have been divorced need to be extra careful about making sure their beneficiary designations are updated.

Parents of minor children must designate a legal guardian in their estate plan. Establishing a trust to own an inheritance for healthcare, education and living expenses ensures that their guardian will have funds to care for the children. Minors may not inherit property, so making a trust is the best way to protect and control their inheritance.

An estate plan, including a will, power of attorney, healthcare directive and trusts, is central to protecting your family and their future. An experienced estate planning attorney will help identify your concerns and know how to address them in a legally enforceable manner.

Reference: Florida Today (Feb. 8, 2025) “Your family’s future is important to you. These estate-planning tips can help secure it.”

How to Create an Estate Plan That Works

An estate plan tells your loved ones and the courts how you want to divide your property, as well as protecting heirs from the expenses and stress created when there is no estate plan. According to a recent article from AOL, “Estate planning checklist: 7 key steps to making a successful plan,” an estate plan also saves your family from months, even years, of dealing with courts and government bureaucracies in settling your estate.

How to start? Follow these steps.

Make a complete inventory of your assets, both tangible and intangible. This means real estate, cars, financial accounts, digital assets, life insurance, retirement accounts, pension accounts and personal property. Save your heirs from a scavenger hunt and protect assets from being lost.

Decide who you want to care for your family. If you have children who are underage, name a guardian in your will. The guardian often serves as the conservator, managing the children's financial assets. Check on your life insurance policies, which provide funds for your family after you’ve passed.

Ask potential executors if they are willing to do the work. The executor carries out directions in your will. It can be a big responsibility. They’ll need to gather and manage assets, notify heirs, Social Security, Medicare, pay estate taxes, secure and possibly sell your home, and more.

Have an experienced estate planning attorney set up at least three key elements: a will, power of attorney and advance healthcare directive.

The Will names a guardian and an executor and gives directions for distributing assets. The biggest estate planning mistake people make is not having a will. When this happens, the court assigns someone to manage your estate, and your family will have to live with whatever the court-appointed person decides.

A Power of Attorney allows someone to care for your business affairs if incapacitated. A Medical Power of Attorney, or Healthcare Proxy, will enable you to name someone to be involved with your healthcare, speak with your doctors and health insurance company and help make decisions for you. These documents should be customized to convey your wishes as to how much or how little you want these people to be able to do.

An advanced healthcare directive is used to state your wishes if you are incapacitated about what kind of treatment you do or don’t want to receive if you are at the end of your life. For instance, if you don’t want to be resuscitated or if you don’t want CPR to be performed, this information goes into the AHD. This document can be challenging to consider. However, it is a blessing to spare your family from having to guess your wishes during a time of crisis.

Discuss the use of a trust with an estate planning attorney. Trusts are not just for wealthy people. Some trusts take assets from your taxable estate and distribute them directly to beneficiaries outside of probate. Many kinds of trusts serve different purposes, so your estate planning attorney will help you understand which is best for your purposes.

Determine who to leave your assets to and how to structure your estate. If you have young children and you don’t establish the correct trusts, they may inherit everything when they turn 18 or 21. This is rarely a good idea.

Tax planning is a part of estate planning. While you may not face federal taxes, your state may have its estate tax, and some states still have inheritance taxes. Rates and exemptions are different in every state.

The incapacity planning part of an estate plan is for you. However, the rest is for your family, to take care of them and show them how much you care about them and their futures.

Reference: AOL (Feb. 4, 2025) “Estate planning checklist: 7 key steps to making a successful plan”