WILLS AND TRUSTS
It is important to have a will and/or a trust to properly distribute assets in case of one's death. This is especially true when a party has a child. In the absence of direction from the deceased, the court can decide where minor children will live and how the assets will be divided pursuant to statute and not necessarily pursuant to the wishes of the decedent. However simply having a will is not enough. Other documents which I believe are just as important are documents that set out instructions in case of disability. These can be termed “living wills,” medical powers of attorney and durable powers of attorney just to name a few. These documents outline contingencies for the care and well-being of the party and any dependents in case of major medical or psychological setbacks which render the party unable to make important life and financial decisions. Planning for these contingencies in advance is key to relieving some of the stress which will undoubtedly be present.