What is a Will?
A will allows you to name an executor to handle the initial administration of your estate. That includes gathering financial information and may include probate. A will is also the place you name a guardian for your minor children. A will can also distribute specific items of personal property.
What is a Trust?
There are many advantages to having a trust, even if you feel like you don’t have a “trust fund baby” estate.
- Most importantly, a trust allows you to create a long-term management plan for your assets, which is particularly important if you have a life insurance policy.
- If all of your assets are properly titled in the name of your trust, it is possible to avoid the probate process at the time of administering your estate.
- Additionally, having a trust allows your successor trustee to continue to manage your finances during your life if you are unable to manage them yourself without needing a court to appoint a guardian to do so.
- Finally, trusts are private documents
What is Power of Attorney for Property?
A power of attorney for property allows you to name an agent to make financial decisions for you if you are alive but unable to communicate them.
What is Power of Attorney for Health Care?
A power of attorney for health care allows you to name an agent to make health care decisions for you if you are alive but unable to communicate them. A power of attorney for health care also includes end of life decision making language.