Planning for your own family
Wills, trusts and powers of attorney
A plan is a short stack of papers that lets the people you choose act for you, now and later.
Most families need four things: a will, a durable power of attorney for money, a health care directive, and a list of who gets what that matches the beneficiary forms on your accounts. Some also need a revocable living trust, usually because they own a house in more than one state, have a child with special needs, or want to keep things out of the probate court.
I'll tell you which you need, and which you don't, at our first meeting. Then I write them in plain English, with a one-page summary on top.
What a plan usually holds
A simple will
Names who settles your estate, who inherits, and who raises your children if you can't.
A living trust, if you need one
Holds your house and accounts while you're alive, then passes them on without probate.
A durable power of attorney
Lets someone you trust pay bills, deal with the bank and file taxes if you can't.
A health care directive
Says what care you want, and who speaks to the doctors when you can't.
Beneficiary forms, checked
Retirement accounts and life insurance follow their own forms, not your will. We line them up.
A letter for your family
Where the originals are, which accounts exist, and who to call first.
Questions about plans
Will a trust save on taxes?
For most families, no. Federal estate tax applies only to very large estates. A trust's main use is avoiding probate and managing money for someone who can't manage it yet.
Can I write my own will from a form?
You can, and some are fine. The trouble usually comes from the signing: the wrong number of witnesses, or no self-proving page, which leaves your executor hunting for witnesses years later.
How often should I update my plan?
Look at it after a birth, a death, a marriage, a divorce or a move to another state, and otherwise every five years or so. I send clients a short checklist each year.
Talk through your own plan
A twenty-minute call is enough to know what you need and roughly what it will cost.