- What is a will?
- Why should I have a will prepared?
- What is a living will?
- What is a power of attorney for health care?
- What is a power of attorney for property?
- What is a living trust?
A will simply is a formal declaration of how you desire to have your property
distributed after your death. Contrary to common belief, your property
does not "go to the state" if you do not have a will. However,
without a will, your property will be disposed of according to state law, which
may or may not comport with how you would like it distributed.
In addition to having control of the disposition of your
property, leaving a will is an indication of your thoughtfulness. Not only does
it show that you thought and cared about your beneficiaries, but also that you
cared enough to keep the administration of the estate free of unnecessary
burdens. A will can help avoid or reduce taxes or other
complications.
A living will makes known your desire
that your life should not be artificially postponed in the event you have an
incurable and irreversible injury, disease, or illness.
A written instrument in which you appoint someone to be able to make health
care decisions for you, in the event you are unable to do so. You are
generally able to specify your opinion regarding prolonging your life in the
event of incurable and irreversible
injury, disease, or illness.
A written instrument in which you appoint someone to be able to engage in
business transactions for you, in the event you are unable to do so. In
the event you are incapacitated, if you have a properly prepared power of
attorney, your agent can continue to attend to your business and transactional
matters.
A trust which is established and utilized during your life. Any assets
which are transferred into your trust will not be considered part of your
estate, and will thereby avoid probate for those assets. By keeping your
estate small, you can sometimes reduce the expense and time involved in
probating your estate. If you living trust is properly prepared, a
successor trustee can attend to your financial matters. In addition, while
probate documents are part of the public record, establishing a living trust
affords you a measure of privacy.
| 
