A Financial Power of Attorney Document, also known as, a Durable Power of Attorney Document allows an individual to name an agent to act on his or her behalf for legal and financial matters. The agent will have the authority over the matters listed in the document.
The term advance directives refers to the combination of two documents: the Healthcare Power of Attorney document and the Living Will. A Healthcare Power of Attorney document allows you to name agents to make health care decisions for you if you are not able to do so. The Living Will is a supplement to the Healthcare Power of Attorney document. The purpose of a Living Will is to give you the opportunity to state what your end of life wishes are.
The Declaration of Funeral Arrangements allows you to appoint an agent to act on your behalf to make funeral arrangements. You can write out detailed instructions for your agent and include the source of funds that you have for the funeral. The document is essential for individuals who wish to be cremated.
A Last Will & Testament outlines what your wishes are for assets that need to pass through the probate process. It will also include your nominations for the executor or executrix and list the power you are giving him or her. You can list multiple beneficiaries including charities in your will. A will can set up testamentary trusts for the benefit of your beneficiaries and even your pets.
Living Trusts are those trusts created while you are living to benefit you or another individual . A trust is merely a receptacle to hold assets during your lifetime. Each trust has three parties: a grantor (the creator), the trustee (the manager), and the beneficiaries. People create trusts for many reasons including privacy, asset protection, and a secure way to manage assets through a period of incapacity. There are many different types of trusts including:
We can discuss the appropriate trust for you together.