Estate Planning Legal Documents
Here is a brief summary of the legal documents generally used in estate planning. Click on the links below for more detailed information and downloadable sample documents.
Domestic Partnership Agreement
A domestic partnership agreement (unlike a domestic partner registry) is a legal contract that explains the legal rights and responsibilities of each partner when a couple decides to form a long-term committed relationship. See our sample domestic partnership agreement
Durable Power of Attorney for Finances
A durable power of attorney for finances allows you to appoint another person as your agent and grant him or her access to your money and other assets. It also grants him or her the authority to make financial decisions on your behalf if you become incapacitated. See our sample durable powers of attorney for finances.
Advance Directives: Health Care Proxy and Living Will
A health care proxy used in combination with a living will is referred to as advanced directives. It allows you to designate another person as your agent to make health care decisions on your behalf. Read more about Health Care Proxies.
A living will (or medical directive) instructs your doctor or care provider about your preferences for life-saving procedures in the event that you are incapacitated. Read more about Living Wills.
Last Will and Testament
A will details the distribution of your money, belongings and property after your death. In the document, you also name a personal representative (commonly known as an executor) to distribute your property in accordance with your wishes. See our sample last will and testament.
Living, Or Revocable Living Trust
A trust allows you to transfer ownership or title of your assets to a trust but still manage the assets throughout your lifetime. The advantage of a living trust over a will is that it allows your beneficiaries to avoid going through probate, the sometimes timely process of settling a will through the courts.
Many GLBT individuals also find the revocable trust process attractive because, unlike a will, there is no requirement to publicly record the trust in most states. This can afford some protection from unwanted prying or against contests by your family of origin.
Trusts also may be an important management tool for your assets while you are alive. You can plan in advance for illness by moving your assets into the trust, even if you also have a will to dispose of your assets after your death. Typically, the will directs all assets not already titled to the trust to be deposited in trust. Should you become ill, your co- or successor trustee takes over the trust’s management. Your wishes as to who will manage your assets will be respected and no court intervention will be necessary.
In California and Texas, you may be your own trustee. Elsewhere, as in New York, it may be advisable to have someone else be the trustee with you. Some people like to audition the person who one day will administer the trust by having him or her act as co-trustee during this period and monitoring their performance. Of course, you can replace your co-trustee during your life.
Many attorneys favor the use of a durable power of attorney for finances at the same time, so that your agent can have similar powers over assets not in the living trust, including the power to move those assets into the trust should that appear to be advisable.
Read our FAQ about Living Trusts.