Will planning is the most traditional approach to designing an estate plan and, when combined with other estate planning techniques, can be used to secure the future of you and your family for years to come.
Will planning should be comprised of three important legal documents:
Enacted upon death, a Will provides instructions for the distribution of your estate, as well as appoints an executor to act on your behalf. By contrast, both an Enduring Power of Attorney and a Personal Directive come into effect during your lifetime in the event of that you are unable to manage your affairs. Both are important legal documents that allow the issuer to designate a trusted individual to follow the wishes of the issuer in the event they are unable to do so.
An Enduring Power of Attorney determines who will administer the financial side of your estate; a Personal Directive appoints an agent to manage non-financial matters, such as your personal care and health choices.