Probate and Wills
Probate and Wills
A will is a legal document that dictates to the court, upon your death, how your assets should be distributed. In most states when you pass away and you still have assets that are not in Trust, the state needs to determine “who gets your stuff”. The will allows for you to speak from beyond the grave and provide instructions to the court, through your estate administrator, who should get your items.
There is not one exact formula when it comes to providing the instructions, every person and their wishes are different. A will should be customized to your specific desires and family dynamics. We work with you to decide the best path and plan for your family.
Having a will already prepared can save months and even years in the probate process, saving them time and money. It also aids in avoiding potential disputes between family members and potential uncertainty as to what your wishes are, during a time when they need to remember your impact and legacy.
What a will is not?
A will is not a document that can be used while you are still alive, meaning it can not provide any rights or property ownership to your loved ones while you are still alive. If you are looking to set any of those rights up, while you are alive, check out the other forms of estate planning documents.
Trust
What is a Trust?
A trust is a legal entity that is created for the purpose of transferring your ownership interest in an asset from yourself to the Trust.
There are two forms of trusts- Revocable Living Trusts and Irrevocable Trusts. Depending on your background and your desired goal, one form of a trust may be of more benefit to you than the other. Each type of trust provides its own form of protection as well as possible legal impact.
Potential benefit of a trust?
Avoid probate
Asset protection
Protection during incapacation
Power of Attorney (POA)
What is a Power of Attorney (POA)
A power of attorney is a document that allows for you to name an agent that can speak for and act on your behalf, in the event you ever become incapacitated. There are two forms of power of attorney documents, a medical POA and a financial POA.
A medical POA gives your named agent the ability to speak on your behalf in medical situations and with medical care providers.
A financial POA gives your named agent the ability to speak on your behalf and make financial decisions. When it comes to financial institutions and service providers, this document is required whenever someone is not listed as an “authorized user”on the account. This can make actions like paying a bill, accessing funds from a bank account, and other financial activities an impossible task during one's incapacation.
What is a medical Directive (MD)
A MD is a document that you create that states what your medical wishes are. This document also allows for your wishes to be known, respected, and followed, should an incapacitation occur. This document normally works hand-in-hand with the Medical POA as it would be instructions to your medical POA agent.
Have your own wishes when it comes to “do not resuscitate" or blood transfusions, these are the types of matters that should be addressed in the MD.