ESTATE PLANNING

LIVING TRUSTS, WILLS, LIVING WILLS, HEALTH CARE POWER OF ATTORNEY, DURABLE POWER OF ATTORNEY

What is a Living Trust?

A trust consists of assets of a Grantor (the person who creates the trust), which are managed and distributed by a Trustee (the manager of the trust) to benefit one or more Beneficiaries (those persons or organizations who will receive property under the trust).
You may be the Grantor, Trustee, and Beneficiary of your Living Trust while you are still alive.
Upon your death, your chosen Successor Trustee succeeds you in the management of the trust and the distribution of your trust assets to your chosen beneficiaries.
A Living Trust is a legal document that allows for the transfer of property to the persons or organizations named in the Living Trust upon the death of the maker of the Living Trust.
A Living Trust is only effective for the on-death distribution of property that has been previously transferred to the Living Trust.
A Living Trust can be changed, modified, or revoked at any time by the Grantor prior to death. Another name for a Living Trust is a Revocable Trust, because during your lifetime you may revoke, or cancel the trust at any time.
Upon your death, however, your Living Trust becomes irrevocable and can no longer be changed or altered in any way.
What are the advantages to having a living trust?
Living Trusts are a legal document drafted and prepared while one is alive. Having a Living Trust facilitates the passing of assets to heirs without the process of probate, which can prove to be both lengthy and costly.

What is a Will?
A will or testament is a document is a document by which a person regulates the rights of others over his or her property or family after death.

What is the difference between a living trust and a will?
The difference is that, upon the death of the creator (Grantor) of the trust, all of the property that has been transferred to trust ownership passes immediately and automatically to the beneficiaries without any court intervention or supervision and without an official probate proceeding.

What is a Living Will?
A living will is a health care declaration that states your desires regarding end of life issues.

What is a Power of Attorney for Health Care?
A Power of Attorney for Health Care appoints an individual to make medical decisions for you should you be unable to do so.

What is a Durable Power of Attorney?
A Durable Power of Attorney is the legal authorization to act on another’s behalf as to legal and business issues.