The documents
Four pieces of paper, and the will is the least used of them.
A will only does anything after you die. The power of attorney and the two health care documents are what a family reaches for in a hospital corridor at nine at night, which happens far more often.
Will
In the packageSays who gets what, who raises your children, and who is in charge of carrying it out.
Works: Only after you die. It does nothing at all while you are alive.
Durable power of attorney
In the packageLets somebody you choose handle money and property if you cannot.
Works: While you are alive and unable. It dies with you.
Health care directive
In the packageNames who speaks for you medically, and says what you want if you cannot say it.
Works: While you are alive and unable to speak for yourself.
Advance directive instructions
In the packageThe specific wishes — resuscitation, feeding, where you would rather be.
Works: Alongside the health care directive, as guidance for the person named.
Revocable living trust
ExtraHolds property so it passes without going through probate at all.
Works: As soon as it is signed and the property is actually moved into it.
Deed transferring a house into the trust
ExtraThe step almost everybody forgets. A trust with nothing in it does nothing.
Works: On recording at the registry of deeds.
The two that cost extra
Both belong to trusts, and both are where trusts go wrong. A trust that owns nothing is an expensive folder.
- Revocable living trust
- Holds property so it passes without going through probate at all. As soon as it is signed and the property is actually moved into it.
- Deed transferring a house into the trust
- The step almost everybody forgets. A trust with nothing in it does nothing. On recording at the registry of deeds.