Probate- Estate Planning – Guardianship

What is a Will

Generally speaking, a will is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children.

A will is important to have, as it allows you to communicate your wishes clearly and precisely. It is advisable to work closely with an attorney to create and update your will.

When there is no will

Without a will, the state in which you reside decides how to distribute your assets to your beneficiaries according to its laws. This is known as dying intestate, and the resulting settlement process may not produce the results that you would prefer for your survivors. You can prevent this from happening by having documents drafted that reflects your wishes.

What Is a Trust?

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.

Other benefits of trusts include:

• Control of your wealth. You can specify the terms of a trust precisely, controlling when and to whom distributions may be made.
• Protection of your legacy. A properly constructed trust can help protect your estate from Medicaid liens and creditors.
• Privacy and probate savings. Probate is a matter of public record; a trust may allow assets to pass outside of probate and remain private, in addition to possibly reducing the amount lost to court fees and taxes in the process.

Durable power of attorney. A durable power of attorney (POA) is a legal document that lets you appoint someone to handle financial and legal matters on your behalf, even if you become incapacitated. With a power of attorney, the person you appoint will be legally permitted to take care of important matters for you, including paying your bills and managing your investments, if you are unable to do so for yourself.

Living will. A living will is a document that explains whether or not you want to be kept on life support if you become terminally ill and will die shortly without life support, or fall into a persistent vegetative state.

Health care surrogate. A health care surrogate is an adult who is appointed to make healthcare decisions for you when you become unable to make them for yourself.