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When You Love Someone You Protect Them From the Pain and Uncertainity the Future May Hold
ESTATE PLANNING
ESTATE PLANNING DOCUMENTS
These are legal documents that provide instructions about how you wish your assets to be managed and distributed should you become incapacitated or pass away. The Living Trust can be utilized while you are alive and after you have passed, while the Last Will is only activated after your passing.
LIVING TRUST
This is a legal document with the authority to manage, invest, and utilize your assets for support while you are alive, incapacitated or after you pass away. A Trust is similar to a Last Will and Testament but has some distinct and beneficial attributes.
It is characteristed as:
It is a revocable while you are alive
It can be revoked any time during life
It bypasses the Probate Courts
It takes ownership of your assets
It lives on (like a corporation) after your death
It keeps your affairs & assets out of the public eye
It can provide care & support for your Loved Ones
It can provide care & support for your pets & animals
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There is a irrevocable Living Trust but they have fallen out of favor in Estate Planning.
LAST WILL
This is a legal document that is the most common component of an Estate Plan. A Will is effective after your death and must go through the probate process before the inheritances can be distributed. If this is the only Estate Plan that you have, it will cost your Estate much money in fees.
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It is characteristed as:
It is known as a Last Will and Testament or a Pourover Will
It designates the heirs (beneficiaries) to your Estate
It is time-consuming and costly compared to a Living Trust
A Pourover Will puts items into a Living Trust that were inadvertently forgotten.
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If the Will is found to not be valid, your Estate will go to the beneficiaries that the Court “thinks” you would have wanted to get your assets.
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ESTATE PLANNING DOCUMENTS
Power of attorney for asset management and advance health care directive are legal documents that provide instructions about how you wish your assets to be managed and distributed should you become incapacitated or pass away. Both of these documents have authority while you are alive.
POWER OF ATTORNEY ASSET MANAGEMENT
This is a legal document that gives your agent the authority to manage your assets while you are alive and incapacitated in some way. This may be a temporary or permanent incapacity.
It is characterised as:
It is also called a Durable Power of Attorney for Asset Management
It has the authority only while you are alive.
It no longer has any authority after your death
It is used only if you become incapacitated
It can be activated voluntarily or involuntarily
It provides authority to pay your bills
It is important that the agent is trustworthy and upstanding
It can be revoked any time with capacity to do so
The person or institution you chose for this duty wil have great authority to manage your finances if you are unable to do so.. This could includes buying or selling property,
ADVANCE HEALTH CARE DIRECTIVE
This is a legal document that gives a person you chose the authority to make medical decisions for you. It also provides you the opportunity to determine how you will be cared for when you are severely injured or diseased. This document is binding on your agent and your doctor and makes clear what your wishes are when you may not be able to voice them yourself.
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It is characterised as:
It is also called a Durable Power of Attorney for Health Care Decisions or a Living Will
It states what medical care you wish to have if you are seriously injured, incapacitated or terminally ill
It provides that at least two doctors have to determine, independently, that your condition will not likely improve or be what it was before
It is effective only while you are alive
It can be revoked any time with capacity to do so
