Estate Planning
Estate Planning
Estate Planning is an important process that involves making decision about how you want your assets to be managed and distributed after your death or in the event you become incapacitated.
Essentially, estate planning involves naming powerholders (your agents) that will make financial and medical decisions in your behalf when you cannot manage your own affairs and addressing who will inherit your estate.
It is a way to ensure that your wishes are carried out and that your loved ones are taken care of according to your wishes.
Living Will
Also known as an advanced directive, a living will allows the maker to state his/her wish for end-of life medical treatment and the type of medical life support measures preferred.
Healthcare Power of Attorney
Also known as an advanced directive, a healthcare power of attorney allows the maker to designate someone (the agent) to make medical decision on their behalf in the event he/she is incapacitated and unable to make those decisions for his/her self.
Durable Power of Attorney for Finances
A legal document that allows the maker (the principal) to name a person (the agent) to act on his/her behalf regarding as it pertains to certain financial matters.
Last Will and Testament
A legal document that allows the maker (the testator) to memorialize his/her wishes regarding the division of their property at death. It also nominates a person who will manage his/her estate (the executor/executrix).
Trust
A legal document that allows the maker (the grantor(s)/settlor(s)) to appoint a third party (trustee) to hold assets on behalf of certain beneficiaries.
A trust can be revocable or irrevocable. The type of trust that is prepared his highly fact driven and depends on the maker’s goals and objectives.
Transfer on Death Designation Deed
A legal document that allows the maker (the grantor) to name a beneficiary to real property. It allows for the transfer of ownership of real property to a specified beneficiary when the owner dies.