LAST WILL AND TESTAMENT
- A WILL is a written document, executed according to the laws of your State. A WILL contains instructions for the distribution of your assets following death.
- A WILL also contains the name of the person chosen to administer your estate, and perhaps an alternate or co-administrator.
- A WILL, if you have minor children, may contain the name of your choice for guardian of you minor children in the event of your unexpected death.
- A WILL MUST GO THROUGH A COURT PROCESS KNOWN AS PROBATE.
- A LIVING TRUST is a legal document that resembles a WILL. In contains instructions for the management of assets should you become disabled and directions for the distribution of assets upon death.
- A LIVING TRUST keeps you in total control of all assets. A LIVING TRUST can be changed or revoked at any time.
- A LIVING TRUST Can avoid probate.
- A LIVING TRUST Can avoid guardianship by providing for the management of assets should you become incapacitated or incompetent.
- A LIVING TRUST Can provide for asset administration when property is owned in more than one state and thereby avoid multiple probate proceedings.
- A LIVING TRUST Can provide for a fair distribution of assets when husband and wife are married later in life, each having separate assets and families.
- A LIVING TRUST Can provide income for a handicapped loved one.
- A LIVING TRUST Can prevent a child from wasting his or her inheritance.
- AN A-B TRUST Can double the estate tax exemption.
DURABLE POWER OF ATTORNEY
- A DURABLE POWER OF ATTORNEY appoints a person to handle your financial affairs for you in the event that you become mentally or physically unable to manage your own affairs.
- A DURABLE POWER OF ATTORNEY appoints a person to make medical decisions for you in the event that you are unable to make those decisions for yourself.
- A DURABLE POWER OF ATTORNEY provides that the power of attorney retains its full force and effect even though you later become incapacitated and unable to act.
- A DURABLE POWER OF ATTORNEY, if created properly can avoid guardianship
- A DURABLE POWER OF ATTORNEY can be created, but not given to the person chosen, until needed in the future.
- A DURABLE POWER OF ATTORNEY is a very powerful document. Choose your Agent/Attorney-in-Fact carefully.
- A DURABLE POWER OF ATTORNEY ends at your death
A LIVING WILL is a declaration that states when you are terminally ill, with no expectation of recovery and death is imminent, then life-prolonging procedures may be withheld or withdrawn. This service is free to all of our clients.