Last Will and Testament
Your Last Will and Testament contains provisions which direct how your property is distributed after your death, directs the payment of any debts owed during your lifetime and identifies a guardian for any minor children. Your will also names an executor, who is responsible to the probate court in the settlement of your estate. You can read more about Will, here.
A revocable trust (or living trust) is also a document that directs the transfer of your property at death, but does so without the need for a probate court. There are three parties to a trust: the trust’s maker (known as the grantor), the trustee who is in charge of managing the trust property, and the beneficiary of the trust. In most situations, the grantor is also the trustee and beneficiary. In this way, the grantor remains in complete control of her assets that have been transferred into trust. You can read more about Revocable Trusts, here.
Financial Power of Attorney
Your financial power of attorney names an agent to manage your financial affairs in the event you become incapacitated. You can read more about Financial Powers of Attorney, here.
Health Care Power of Attorney
Your health care power of attorney names an agent to make health care decisions on your behalf in the event you are unable to do so. You can read more about Health Care Powers of Attorney, here.
A living will is a directive to your health care providers made in advance of any incapacity, which directs your providers to withdraw or withhold treatment in end of life scenarios. You can read more about Living Wills, here.
To learn more about how these documents may be used in your particular circumstance, take our needs assessment, here.