What is a Trust?
Key features of a living trust include:
Management of Assets: The trust holds and manages the grantor's assets, potentially providing professional management and oversight.
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Avoidance of Probate: Assets in a living trust generally do not go through probate, allowing for a faster and more private distribution to beneficiaries after the grantor's death.
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Continuity of Management: If the grantor becomes incapacitated, the trustee can manage the trust assets without court intervention.
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Flexibility: The grantor can change or revoke the trust as circumstances or intentions change
What is a Last Will & Testament?
Key components of a last will and testament include:
Asset Distribution: Instructions on how the deceased's assets, such as money, property, and personal belongings, should be distributed among beneficiaries.
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Executor Appointment: Designation of an executor, who is responsible for carrying out the instructions in the will, managing the estate, paying debts, and distributing assets.
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Guardianship: Naming of guardians for minor children to ensure their care and upbringing according to the deceased's wishes.
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Specific Bequests: Allocation of specific items or amounts of money to particular individuals or organizations.
What is a Health Care Directive?
Key components of a healthcare directive include:
Living Will: Specifies the types of medical treatments and life-sustaining measures the individual wants or does not want.
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Durable Power of Attorney for Healthcare: Appoints a healthcare proxy or agent to make medical decisions on behalf of the individual if they are unable to do so.
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Do Not Resuscitate (DNR) Orders: Indicates whether the individual wishes to have resuscitation efforts if their heart stops.
What is a Power of Attorney?
Key features of a power of attorney include:
Types of POA: There are various types of POAs, such as general, which grants broad powers; limited, which grants specific powers; durable, which remains in effect if the principal becomes incapacitated; and medical, which allows the agent to make healthcare decisions.
Scope of Authority: The document specifies the extent of the agent's authority, which can include financial transactions, property management, legal decisions, and healthcare choices.
Revocation: The principal can revoke the POA at any time as long as they are mentally competent.
Incapacity Planning: A durable POA is particularly useful for planning in case the principal becomes unable to manage their affairs due to illness or incapacity.
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