What is a Last Will and Testament?
A Last Will and Testament is a legal document that explains when and how your beneficiaries will inherit your property and assets after your death. It will name your Executor, the person who will guide your estate through the probate process, and your beneficiaries, the people you would like to inherit your assets.
What is a Durable General Power of Attorney?
A Durable General Power of Attorney will allow someone to take financial action on your behalf. If you choose, it will not come into effect unless you are mentally incapacitated (it will be drafted as a "Springing" Power of Attorney). Proof will be needed in the form of doctor’s correspondence for the “Attorney in fact” or “Agent” to take action in accordance with the Power of Attorney.
What is an Advanced Healthcare Directive and Living Will?
The Advanced Healthcare Directive allows a representative of your choosing to make healthcare decisions on your behalf if you are physically or mentally incapacitated and unable to make your own healthcare decisions. The Living Will states your medical wishes in case you become terminally ill with no reasonable hope of recovery.
What is a Trust?
A Trust is used to protect your assets from probate, estate taxes and creditors. You will appoint a Trustee, a person of your choosing, to hold the assets in the Trust on your behalf. The people you wish to receive the assets in your Trust are your beneficiaries. The Trust could be either revocable or irrevocable.