The purpose of having a will is to prepare for the orderly transfer of your assets to your heirs, a charity or some other individual, entity or organization. Trusts are used in conjunction with wills for multiple purposes such as tax avoidance, disposing of assets to minors and having a degree of control over the use of the assets which you have or are going to transfer after your death. While trusts may be used in conjunction with a will, they also can be used by themselves to aid and assist you and your spouse while you are alive.

While one may have been planning for the future in their accumulation of assets and funds for retirement, it is just as important to plan for the orderly transfer of those assets. Wills and trusts permit the donor a great deal of flexibility in the disposal of your assets, prevents fighting among heirs and in many instances will keep you assets from passing through the court probate system, and avoiding fees associated with that system.



Just as important as having a will is the necessity of having a power of attorney. A power of attorney is one document that everyone should have, for when it is needed, it is then too late to obtain. A power of attorney allows some other individual to make decisions over your financial affairs in the event that you become incapacitated or unable to care for yourself. Without a power of attorney, someone will need to apply to the court to have an individual appointed to handle your affairs. This one document can save you thousands in legal, court and accounting fees.

The final document which is equally important is known as the advance medical directive or "living will" in layman's terms. This document grants certain specified individuals the right to determine what will happen to you, should you become terminally ill, but able to be maintained on life support systems.