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Last Will and Testament - A Last Will and Testament is a document used to express one's desires regarding the disposition of one's estate. The person making the Last Will and Testament is called the testator. Without a Will, the state in which you live will decide how your estate will be divided and who will care for your minor children.
Living Will - A Living Will is a document used to issue advance directives regarding your health care preferences during times of incapacitation. Many people hold strong beliefs and opinions regarding health care interventions. A Living Will is designed to ensure that your desires are respected in the event of incapacitation.
Power of Attorney - A power of attorney allows a person to appoint another (called the attorney-in-fact, although the person is not required to be an attorney at law) to act as his or her agent in specified situations. There are various types of powers, including healthcare, property, and financial powers of attorney.
Probate - The judicial procedure by which a testamentary document is established to be a valid will.
Trust - A trust is designed to implement special arrangements regarding various types of assets. Trusts are favorable instruments for achieving maximum flexibility and administration of assets according to one's unique desires and objectives. The person entrusted with the administration of one's assets is called a trustee and is responsible for discharging his/her duties according to state fiduciary laws. |
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