Wills, Power of Attorney, Health Care Proxy, Trusts
These are necessary documents one must have to protect its finances and assets to those they leave behind too. Don't delay as it creates more issues for your next of kin after you are gone. Express your love by making the transition as smooth as possible for them.
Estate planning involves making plans for the transfer of your estate and assets after death. Your estate is all the property that you own. It can include cash, clothes, jewelry, cars, houses, land, retirement, investment and savings accounts, etc.
Some reasons for having such documents is:
A will is a legal document that lays out the fate of your property . It states who receives your property and in what amounts. It is a legally enforceable declaration of how a person wants their property and assets distributed after death. In a will, a person can also recommend a guardian for their minor children and make provisions for any surviving pets. Clear and reasonable instructions are important for preventing possible legal challenges that could delay probate and create significant legal expenses.
Common issues outlined in a will are:
State of Mind, Executor, Liquidation, Insurance, Beneficiaries
A trust is an arrangement where you entrust property to one person or an organization. The person or trustee is taxed with managing the property on behalf of your beneficiary or beneficiaries.
A Revocable Living Trust contains a detailed set of instructions covering three important periods of your life:
*What happens while you are alive and well?
*What happens if you become mentally incapacitated?
*What happens after your death?
In addition, assets held in the name of your revocable living trust at the time of your death will avoid probate.
Financial Power of Attorney - Durable/Springing/Limited
Power of attorney gives a person or organization the legal power to handle your affairs when you're unable to do so. The person or organization you appoint is referred to as an "attorney-in-fact" or "agent."
It can also be used to transfer assets into your revocable living trust if you become mentally incapacitated before the trust has been fully funded.
Financial powers of attorney come in several forms:
*A Durable Power of Attorney, which goes into effect as soon as you sign it.
* A Springing Power of Attorney, which only goes into effect after you have been declared
*Limited Power of Attorney, for limited scope or one-time situations.
Usually used in onetime real estate or family matters.
Living Wills - Health Care Proxy /Advance Medical Directive
A living will contains a written set of instructions to your physician as to whether or not you want to receive life-sustaining procedures if you have been diagnosed with a terminal condition, end-stage condition, or are in a persistent vegetative state. It also gives guidelines for your family members to follow if you become terminally ill.
An Advance Medical Directive, also called a "Medical Power of Attorney" or 'Designation of Health Care Surrogate', allows you to designate a healthcare agent to make medical decisions for you if, for any reason, you are unable to make them for yourself. It can also be used to designate someone to serve as your guardian or conservator in the event a court determines that you have become mentally incapacitated.
Our office if offering a special for having one or more documents per individual and also has a couples' discount.
Services include typing, copies, notary and mobile fee. Witnesses can be available on advanced notice.
*Additional fees may apply. Trust planning is seperate.
**We give no legal advice nor consult on the legalities of any document, please seek the advice of an attorney.
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