Estate Planning Decoded

ESTATE PLANNING DECODED Estate planning is important because without a will or other documents explaining how you would like the disposition of your assets or choices made about your health, the court will likely, by default, hand the reins over to your biological family instead of your appointee. Estate Probate Estate - All the money and property owned by a particular person, especially at death. Probate - Tho formal legal process of validating a will, as well as appointing an estate executor to administer the estate and distribute the estate's Estate Tax - A financial tax that may be incurred upon the transfer of property at the time of the assots. transferor's death. Trust Will & Power of Attorney Trust (trust fund) - Create legal entities that can Will - A legal document that states the way the hold assets or property. signatoree would like his/her assets distributed upon his/her death. Living Trust - A trust in which the grantor creatos it with his/her attorney while he/she is still alive. Living Will - A will that authorizes another to manage his/her health care decisions in the event he/she is unable to, whether due to illness, disability, or otherwise. It may also be used to authorize decisions regarding other personal and business affairs. • Revocable Trust • Irrevocable Trust A living trust which can be changed. Power of Attorney - A document that hands over control to make decisions regarding health care management to a designated agent. Third parties, like hospitals, can rely on a power of attorney as a valid legal document and follow the decisions made by the appointed agent. A living trust which cannot be changed. Testamentary Trust - A trust is one that is established after the grantor dies through a will. Presented By: Hays Firm, LLC Sources: http://www.cbrx.il.govlaging/1abuselegallegal_adv-directives.htm http://www.americanbar.org/groups/real_property_trust_estate/rescurces/estate_planning/the_probate_process.html http://money.cnn.com/retirementiguidelestateplanning_trusts.moneymaginde2.htm http://www.usa.govtopicsimoneypersonal-finance/trusts ahtml http://personalfinance.byu.edu7qunode/708 httpa://www.google.com/ul?sa-t&retsj&q=deare=s&source=webacd=4&ved=0CFAOFJADSurlshttp3AS2F%2Fwww.glad.org2Fuploada%2Fdocs%2Fpublications %2Flegal-planning-couples pdikeishDCFUof5NIWq4APdsYDACABusg-AFQCNHKI0_vdzERwYufe18ASqweHedoSASsigz=zxcl-axSteqBLIHzkWU1WO&bvm=bv.50 343320 d.dmgßcadarja