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Wills, Trusts, Powers of Attorney
Planning for your future can be overwhelming, but it is an important step to ensure that your future, and your family’s future, is protected. Setting up a comprehensive estate plan ensures that your family is taken care of in the event of a tragedy. An estate plan can be as limited as asset distribution in the event of your death to a comprehensive healthcare plan to ensure your wishes are followed. See below to view our areas of emphasis.
A Will is a legal document drafted to divide assets upon the event of death. The person can dictate how the assets will be divided, but there are State laws that govern how Wills are drafted and used. If the Will is not in accordance with the State laws, it will be void. Drafting your Will with the help of an experienced estate planning attorney will ensure that your Will is valid.
A Trust is a fiduciary relationship in which the Trustor gives the Trustee the right to hold title to property or assets for the Beneficiary.
Power of Attorney
There are different versions of Powers of Attorney. The basic idea is that you are giving a specific person the right to act on your behalf in the case of a specific event. This can be anything from a Limited Power of Attorney to cover a specific event such as signing a Deed when you are out of town to a general Durable Power of Attorney that is comprehensive allowing the person of your choice to make all decisions in your stead in the event you are unable. There is also a Durable Power of Attorney for Healthcare which states your end-of-life medical care preferences but assigns a specific person to ensure that they are implemented. Discussing your needs with an attorney will help you to understand which type of Power of Attorney will be best for you.
A Living Will is a legal document that specifies the type of medical care that an individual does or does not want in the event they are unable to communicate their wishes. Living Wills give guidance to your doctors and health care surrogates, provide clarity and closure to your loved ones, prevent conflict or disagreements among family members, and limit the emotional burden on your loved ones.