This Father’s Day, I want to celebrate dads, step-dads, and father figures by handing over some key information about how to protect your legacy as a father. We, as dads, can do this with four essential estate planning documents: the will, financial power of attorney, advance care directive, and living trust.
1. A will specifies who inherits your assets and appoints an executor to ensure your wishes are followed. For parents of minors, a will allows you to name a guardian for their care. Note that a will doesn’t govern the distribution of all assets, which are governed by separate rules and go directly to the named beneficiaries.
2. A financial power of attorney designates someone to handle your financial matters if you cannot do so. Rules vary by state, and they can activate upon incapacitation or immediately for convenience. This authority is limited to specified financial matters and does not include medical decisions. It is effective only during your lifetime and ceases upon your death.
3. An advance care directive outlines your medical and end-of-life care preferences if you’re unable to make decisions yourself. Also known as a living will, it details the treatments you want or don’t want. In some states, it allows you to name a decision-maker, while others require a separate health care power of attorney.
4. A living trust lets you transfer assets to a trust you manage during your lifetime, with a chosen trustee taking over after your death. This setup keeps your estate private and often avoids probate, saving time and costs for your beneficiaries. You retain full control of your assets while alive, and many create a “pour-over will” to cover any assets not included in the trust.
Having these estate planning documents in place ensures your family’s future is secure, preserving your legacy. This Father’s Day, review and update your estate plan for your family’s financial well-being with the help of an estate planning attorney.
Getting started with creating an affordable will, trust, power of attorney, and advance care directive can seem daunting, but several resources simplify the process. Online services like LegalZoom, Rocket Lawyer, and Nolo provide comprehensive, user-friendly packages for the above-mentioned documents. Local legal aid societies offer free or low-cost help based on income. Community workshops, law school clinics, and state resources provide additional support. Make sure to assess your needs, gather information, choose a service to create, review, update, store and execute your estate planning documents properly, and always consult with an estate planning attorney.
This Father’s Day, having these estate planning documents in place ensures your family’s future and well-being is secure, preserving your legacy.
