Usually not, but it all depends on the value of your estate and certain tax planning aspects of your particular financial situation. However, for most families, the aforementioned documents take care of all their needs and insure when they become ill or pass away, their estates are properly handled.
A Last Will & Testament is a legal document we all need. In the state of Tennessee, if you don’t have a Will, the law establishes who will receive your estate. And you may not like who gets everything you’ve worked so hard to accumulate. Take charge of who gets what, when and under what circumstances in your Last Will & Testament.
A Durable (Financial) Power of Attorney is a much needed document. Usually, if you are married, your spouse will be able to handle your financial affairs when you can’t. However, if your spouse can’t do it, then who will? You can determine who that person will be by having a Durable Power of Attorney prepared.
Of the utmost importance is your Health Care Power of Attorney. Who is able to make health care decisions on your behalf? Who do you trust to make the right decisions? You can decide that today by having a Health Care Power of Attorney prepared.
And finally, everyone needs a Living Will. Each of us has our own ideas about how we want to live and die during the end-stages of life. Make those decisions now, in legal documents that your doctor and family will be required to abide by.
Estate Planning does not have to be complicated or expensive. However, by not taking care of these legal matters on the front end, you can often cause your family to spend much more money later, trying to take care of these matters for you.