Is Estate Planning Just About Having A Will?

Estate planning is a big word. The first association when we talk about estate planning used to be Estate Duty until it was abolished in 2008. Now, everyone talks about Wills and Trust when the topic is discussed. No doubt that Wills and Trust are crucial, there are other estate planning matters that many might overlook.

The next common discussion is Lasting Power of Attorney(LPA).

Advance Medical Directive(AMD) has been around for more than 20 years but it is very seldom discussed. Some have the misconception that having an AMD means the doctors will not try their best to save them. I had to explain to some clients who thinks the doctor will more likely to declare a person with AMD to be terminally ill so that they can pull the plug an harvest the organs for other patients.

Lastly, the least mentioned estate planning tool is Advance Care Planning(ACP). It is not commonly known, let alone discussed. One reason could be it is relatively new, about 10 years ago. Another reason could be the confusion between ACP and LPA.

Here is a summary of differences between an ACP, AMD and a LPA.

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