Ever since I was young, I was taught two things that are guaranteed in life are death and taxes. The law provides us many tools to build your estate plan to assist with both of these absolute truths. Below is a list of some common tools and little information on them.
In your Last Will and Testament, you are able to instruct the probate court as to where you want your estate's assets to go following your death.
Trusts are becoming more common place in today's estate plans. Revocable Living Trusts are powerful tools that can help prevent your estate from having to go through probate.
Trusts can be created today that allow for completed transfers of assets. Great for sentimental assets such as family land, these trusts can change the legal ownership of the assets, helping protect those assets from creditors.
Drafting a Power of Attorney can provide a trusted friend of family member with the ability to manage your financial affairs in the event of your incapacity.
Having an Advance Directive prepared will remove some of the guess work in end-of-life care decisions. And it provides you the opportunity to nominate someone as your health-care proxy.
Upon the death of someone, their estate may continue owning assets. The legal process to get the assets out of the estate and into the name of their heirs is a court process called probate.
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