Estate Planning Documents You May Need

 A will provides for the orderly transition of probate property to one’s beneficiaries, appoints a fiduciary who is empowered to oversee this process, and nominates guardians for minor children 

A family "standby" trust is a great way to ensure your assets are properly managed in the event your children are too young to manage them on their own.  A trust can hold and manage assets for the benefit of children until the children reach the age at which they are mature enough to receive full distribution of the trust funds. 

 This document designates whom the principal wishes to act as temporary guardian of their minor children upon the death and/or incapacity of the principal. 

 A durable power of attorney gives the “attorney-in-fact” authority to handle financial matters for the principal. This can be drafted in such a way so that the power of the attorney-in-fact is effective immediately upon the signing of the document, or in a way that requires the attorney-in-fact to prove incapacity of the principal before assuming this role.  

 This document gives the health-care agent the authority to make health-care decisions on the principal’s behalf if the principal is unable to make these decisions for him or herself. 

 This document is a statement of the principal’s wishes regarding life-saving procedures and artificially prolonging the principal’s life if the principal is terminally ill. It is important to note that this document is not legally binding in and of itself, but it can provide the health-care agent with much needed guidance as to what the principal’s wishes are. 

 This document simply authorizes the disclosure of the principal’s protected health information to the people who are listed on the document. It is important to note that this document does not confer any decision-making power on the individuals named therein; that would require a separate a Health Care Proxy. 

 This document authorizes the access to, and release of, the principal’s “digital assets,” to a named fiduciary. These can include, but are not limited to computer data, financial and social media accounts, music, photographs, etc. 

A virtual asset instruction letter (VAIL) lists each digital asset (e.g., music, photographs, online banking accounts, social media accounts, computer hardware) that the principal owns and provides their fiduciaries with the security information to access each asset, as well as the clients’ instructions for how they wish the fiduciary to dispose of each such asset.