On behalf of O'Sullivan Estate Lawyers LLP on Friday, April 10, 2020.

The average person may think that estate planning consists of only creating a valid will. However, a will is not the only document that can be useful in estate planning and preparing for any contingency. There are many different types of documents and plans that you may want to consider in addition to a will.

For example, what plans do you have for handling your healthcare decisions if you become incapacitated? Who will handle your financial responsibilities if you are unable to provide instructions? You may wish to create a power of attorney in order to look after these areas of your estate should you be found mentally or physically incapable of looking after your own affairs.

Another type of document that many people use is a trust. This can be helpful in situations where you have young children, or if you have someone – for example, a special needs or dependent family member – and you want to make sure they are looked after in the event you are no longer able to provide them with care.

A trust is an arrangement through which property or assets are managed by another person, known as a trustee, for someone else, known as the beneficiary. For example, if you have a special needs dependent, you can create a trust for them to help cover any future medical or care expenses. You can appoint a trusted individual to manage accounts on behalf of this person.

This can be especially beneficial for planning for young children, as they may require funds for educational, extra-curricular or other financial matters while they are still minors. A trustee can make sure the funds are used in their best interests, and aid in protecting any misuse by a child before they are ready to handle financial responsibilities themselves.

If you have questions about how to create a trust, or what types of restrictions and rules you can set up along with the trust, it may be helpful to consult with an experienced estate lawyer. They can help you understand the role each party plays, and help you structure a trust that meets your unique circumstances.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.