Does everyone need a will?
If you want to insure that the people you care about inherit your assets, then you should have a will. Otherwise, the government creates an estate plan, called intestacy, for you. People you care about may not inherit your assets under the government created estate plan.
What is a durable power of attorney?
A durable power of attorney allows you to choose someone to manage your assets and pay your bills in the event of your disability or incapacity. Otherwise, if you become disabled or incapacitated, someone will have to petition a court to obtain the power to provide these services for you.
What are durable powers of attorney for health care and living wills?
A durable power of attorney for health care allows you to retain control over your own medical care during periods of incapacity through the prior designation of an individual to make health care decisions. A living will allows you to direct what measures will or will not be used to prolong your life in circumstances where there is no hope for recovery.
What is a trust?
A trust is a written document in which you give property (money, stocks, real estate, etc.) to an individual or institution which manages the property for you and/or someone you care about. You are called the “settlor” or “grantor”. The individual or institution which manages the property is called the “trustee”, and the people you care about are called the “beneficiaries”.