The Estate Planning Documents Everyone Should Consider
October 21, 2025
- Arthur F. McLean III
October is National Estate Planning Awareness Month — a timely reminder that everyone, not just the wealthy or elderly, benefits from having a plan for the future. Regardless of the size of your estate, having the right legal documents in place ensures that your wishes are honored and your loved ones are protected. For high-net-worth individuals, these documents also form the cornerstone of a strategy to preserve and transfer wealth efficiently.
Here are the estate planning documents every person should consider having — and why each one matters.
Here are the estate planning documents every person should consider having — and why each one matters.
1. Last Will and Testament
A Last Will and Testament is the foundation of any estate plan. It directs how your assets will be distributed after your death, names your beneficiaries, and appoints an executor to manage your estate. If you have minor children, your will is also where you designate their guardian — a decision that should never be left to chance.
A Durable Power of Attorney (POA) allows you to designate a trusted individual — often a spouse, adult child or advisor — to handle your financial and legal affairs if you become incapacitated or otherwise need assistance. This person can manage bank accounts, pay bills, file taxes and even make investment decisions on your behalf.
A Healthcare Power of Attorney (sometimes called a healthcare proxy or advance directive) appoints someone you trust to make medical decisions if you are unable to communicate. This person acts as your advocate, working with doctors and caregivers to ensure that your treatment aligns with your preferences.
While your healthcare power of attorney names a decision-maker, your Living Will provides the roadmap. It outlines your wishes with regard to end-of-life issues, primarily what to do if you are in a situation where machines are keeping you alive with little or no likelihood of recovery. You can indicate whether you want life-sustaining measures such as artificial ventilation or feeding tubes.
A living will removes uncertainty for your loved ones during emotionally charged moments. It prevents conflict and guilt by clearly expressing your choices about treatment and comfort care. In essence, it is a final gift of guidance that spares your family from agonizing decisions.
The South Carolina form healthcare power of attorney includes “living will” language in it, so it combines these two forms.
5. Revocable Living Trust
A Revocable Living Trust is a powerful estate planning tool, particularly for individuals with significant or diverse assets. By transferring assets to the trust during your lifetime, you establish a framework that provides both flexibility and control. During your lifetime, you retain control over the trust and can amend or revoke it at any time. You can also freely remove the assets or their income from the trust whenever you choose, giving you full access to your property while enjoying the benefits of trust planning.
Upon your death, the assets owned by the trust are transferred directly to your chosen beneficiaries without the delays and public exposure of probate. This means you avoid the probate court fee as to those assets and keep information about the trust assets, their value and how you leave them private, protecting your family's financial matters from becoming part of the public record.
A trust also provides management continuity if you become incapacitated. Your successor trustee can seamlessly handle the trust assets according to your instructions, avoiding the need for court intervention. For high-net-worth clients, a revocable living trust also opens the door to sophisticated tax planning and asset protection strategies.
Building a Comprehensive Plan
These documents form the backbone of a well-rounded estate plan, but they are only the beginning. Depending on your personal and financial circumstances, additional tools — such as irrevocable trusts, charitable foundations, or business succession agreements — may be necessary to achieve your goals.
It is also important to identify whether any of your assets have beneficiary designations and who you have listed. A beneficiary designation will control who takes that particular asset. Assets that often have beneficiary designations are workplace retirement plans, life insurance, IRAs, and annuities.
Estate planning is not a one-time task; it is an evolving process that should be reviewed periodically, especially after major life events such as marriage, divorce or the sale of a business.
Taking time this October to review or create these core documents is one of the most impactful steps you can take to protect your wealth, your family and your legacy.
For additional information about estate planning, please contact Mac McLean.
A Last Will and Testament is the foundation of any estate plan. It directs how your assets will be distributed after your death, names your beneficiaries, and appoints an executor to manage your estate. If you have minor children, your will is also where you designate their guardian — a decision that should never be left to chance.
- Without a valid will, state intestacy laws dictate how your estate is divided. This often leads to outcomes that may not reflect your wishes or your family’s needs. For example, a surviving spouse may not automatically inherit everything, and unmarried partners or close friends may be excluded entirely.
- A properly drafted will provides clarity, avoids unnecessary disputes and gives you peace of mind knowing that your legacy will be handled as you intended.
A Durable Power of Attorney (POA) allows you to designate a trusted individual — often a spouse, adult child or advisor — to handle your financial and legal affairs if you become incapacitated or otherwise need assistance. This person can manage bank accounts, pay bills, file taxes and even make investment decisions on your behalf.
- Without a POA, your loved ones may have to petition the court for a guardianship or conservatorship to manage your affairs. That process can be time-consuming, expensive and emotionally draining.
- Establishing a durable power of attorney ensures continuity and control over your financial matters, even in unexpected circumstances.
A Healthcare Power of Attorney (sometimes called a healthcare proxy or advance directive) appoints someone you trust to make medical decisions if you are unable to communicate. This person acts as your advocate, working with doctors and caregivers to ensure that your treatment aligns with your preferences.
- Choosing this individual requires careful consideration — they should not only understand your medical values but also be able to make difficult decisions under pressure.
- For individuals who may have complex medical and privacy considerations, this document ensures your voice is represented even when you cannot speak for yourself.
While your healthcare power of attorney names a decision-maker, your Living Will provides the roadmap. It outlines your wishes with regard to end-of-life issues, primarily what to do if you are in a situation where machines are keeping you alive with little or no likelihood of recovery. You can indicate whether you want life-sustaining measures such as artificial ventilation or feeding tubes.
A living will removes uncertainty for your loved ones during emotionally charged moments. It prevents conflict and guilt by clearly expressing your choices about treatment and comfort care. In essence, it is a final gift of guidance that spares your family from agonizing decisions.
The South Carolina form healthcare power of attorney includes “living will” language in it, so it combines these two forms.
5. Revocable Living Trust
A Revocable Living Trust is a powerful estate planning tool, particularly for individuals with significant or diverse assets. By transferring assets to the trust during your lifetime, you establish a framework that provides both flexibility and control. During your lifetime, you retain control over the trust and can amend or revoke it at any time. You can also freely remove the assets or their income from the trust whenever you choose, giving you full access to your property while enjoying the benefits of trust planning.
Upon your death, the assets owned by the trust are transferred directly to your chosen beneficiaries without the delays and public exposure of probate. This means you avoid the probate court fee as to those assets and keep information about the trust assets, their value and how you leave them private, protecting your family's financial matters from becoming part of the public record.
A trust also provides management continuity if you become incapacitated. Your successor trustee can seamlessly handle the trust assets according to your instructions, avoiding the need for court intervention. For high-net-worth clients, a revocable living trust also opens the door to sophisticated tax planning and asset protection strategies.
Building a Comprehensive Plan
These documents form the backbone of a well-rounded estate plan, but they are only the beginning. Depending on your personal and financial circumstances, additional tools — such as irrevocable trusts, charitable foundations, or business succession agreements — may be necessary to achieve your goals.
It is also important to identify whether any of your assets have beneficiary designations and who you have listed. A beneficiary designation will control who takes that particular asset. Assets that often have beneficiary designations are workplace retirement plans, life insurance, IRAs, and annuities.
Estate planning is not a one-time task; it is an evolving process that should be reviewed periodically, especially after major life events such as marriage, divorce or the sale of a business.
Taking time this October to review or create these core documents is one of the most impactful steps you can take to protect your wealth, your family and your legacy.
For additional information about estate planning, please contact Mac McLean.
