At your death, a will serves as a road map telling your personal representative
how to distribute your assets to other people or to a charity. Without
a will, you are powerless over how your assets are distributed. Instead,
the laws of the state where your residence is, the state in which you
spend most of your time, register to vote and hold your driver's license,
determine how assets are divided. More...
A revocable intervivos or "living" trust is an important part
of the estate plan of many people. Intervivos means "during life," which
is when the trust is established. Revocable means that the creator, also
known as the grantor, of the trust can change the terms of the trust or
revoke it completely during his or her lifetime. Assets in trust are not
part of your will; they are transferred according to the instructions
in the trust document. More...
A general power of attorney permits the holder of the power to act on
behalf of another individual, the grantor, and lapses upon the grantor's
incompetence. A durable power of attorney survives the incompetence of
the grantor and allows the holder of the power to act. This document can
be used when a grantor lapses from competence to incompetence for periods
of time. More...
By creating a living will, you can articulate your beliefs on life-sustaining
measures. With a health care proxy, you can name a trusted individual
to make health care decisions if you are unable to do so. The health care
proxy is used only for medical purposes. Like a living will, the health
care proxy states when life-support equipment should be disconnected and
medical efforts should cease. More...
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