Trust
A trust is a document that can accomplish many things. It keeps your family out of probate, maintains their privacy, can protect your assets, allows you to maintain control over the assets for many years.
Last Will and Testament
A list of final gifts and instructions. Unlike a trust, a Will must go through probate to be validated and the assets distributed. The “testator”, creator of the will, does not get to have long term control over the gifts. Typically, if a trust is involved, the will simply “pours” everything not in the trust into the trust.
Beneficiary Deed
A deed executed now that passes your property at your death. Similar to payable on death for accounts, or transfer on death for car titles.
Durable Power of Attorney
See question above for answer to what this document is for.
HIPAA Waiver
Allows your trusted representative to see your medical information so they can make informed decisions.
Medical Durable Power of Attorney
Like a power of attorney, only for healthcare decisions.
Advanced Directive (Living Will)
If the end is near and nobody is around to make decisions, this document tells the doctors how you want to pass with dignity.
Note: 5 Wishes may be one of the best implementations of this the author has seen yet.
Final Disposition
Let your personal representative know you final desires. Cremation vs. Burial, wake or no wake, viewing or not, where arrangements have been made, what songs and readings you want, etc.
from Estate Planning Bentonville, Springdale, Fayetteville AR http://ift.tt/25QO9WQ
from DeWitt Law Firm, PLLC
No comments:
Post a Comment