Estate Planning
What are some typical Estate Planning Documents?
Will
This is to transfer property you hold in your name to the person(s) and/or organization(s) you want to have it. A Will also names someone you select to be your Personal Representative (Executor) to carry your instructions and names a guardian if you have minor children. A will only becomes effective upon your death, and after it is admitted to Probate.
Living Will Is an advance directive which gives doctors and hospitals your instructions regarding the nature and extent of the care you want should you suffer permanent incapacity.
Durable Power of Attorney for Health Care Appoints a person you designate to make decisions regarding your health care treatment in the event that you are unable to provide "informed consent."
Durable Power Of Attorney for Property Appoints a person you designate to act for you and handle financial matters should you be unable or perhaps unavailable to do so.
Living Trust Can be used to hold legal to and provide a mechanisn to manage your property. You can select the person(s) you want, often even yourself, as the Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor Trustees to take over if you cannot. Unlike a Will, a Trust usually becomes effective immediately and continues in full force during your lifetime, even in the event of your incapacity, and continues after your death.
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