A Power of Attorney is a written authorization granting another party the authority to act on your behalf to handle ones affairs in the event they become incapacitated.
A will is simply a formal way of setting forth your wishes regarding how you would like your property distributed upon your death. You should consider a will whether you are single, married, have minor children, or own even a small amount of personal assets of property. In fact, every adult should have a will or other means to control the disposition of their assets. If you have not formalized you rintentions, your estate may meet with unnecessary and costly litigation, adding to the grief experienced by your survivors.
A testamentary trust, created in a will, takes effect when the grantor dies. It names the beneficiaries and gives direction for payment of the infome from the trust and for disposition of the assets. The testamentary trust has the advantage of increasing the odds that an inheritance is used prudently. The trustee can manage the assets of the trust until such time as the beneficiaries are prepared to do so, as opposed to immediate transfer to the assets to the beneficiaries.
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Also known as a Living Will, this is a document that allows a patient to give explicit instructions about medical treatment to be administered when the patient is terminally ill or permanently unconscious.
A revocable trust is created during the grantor’s lifetime. Assets are re-titled in the name of the trust. As the name suggests, as revocable trust may be dissolved entirely by the grantor. Likewise, the grantor may change beneficiaries, replace the trustee, or change the composition of the assets in the trust. Revocable trusts do not remove assets from the grantor’s estate. The grantor pay taxes on the trust income and any assets remaining in the trust upon the death of the grantor are distributed pursuant to the trust terms.