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What is a will?
The part of an estate plan that is familiar to most people is the will. A will is sometimes called a Last Will and Testament and is simply your instructions on how your property is to be distributed after your death. The basic document for an estate plan contains the instructions on distribution. Many people think that an estate plan is just a will, but there are many other things to consider even for a simple estate plan.
What is durable power of attorney?
A power of attorney is your authorization given to someone else, maybe a spouse, a child or a parent, who will make financial decisions for you if you should ever be unable to make those decisions for yourself. This authorization is a very important legal right, so generally it is better to make a power of attorney effective only when you become incapacitated and cannot handle your own affairs.
What is health care power of attorney?
A Health Care Power of Attorney is your authorization given to someone else to make health care decisions for you if you should ever be unable to make those decisions for yourself. Unless you say otherwise, the person you name has the same authority to make health care decisions as you have.
What is a living will?
A living will describes your specific wishes on how a hospital would provide life support if you should ever have an illness that allows no chance of recovery. There are several other documents that can be used for more advanced estate planning. Establishing a trust is a way to potentially reduce probate and the costs associated with probate. A trust also can be used to manage your assets while you are still alive and can become very important if you lose your capacity to manage your own affairs. A trust can also be used to be sure that your assets are distributed at the right time instead of relatively soon after your death. So a trust is a very useful tool in an estate plan that goes beyond just a basic plan.
The knowledgeable and professional estate planning attorneys at Tuesley Hall Konopa can help business owners and individuals plan for the future, preserve assets, minimize tax consequences and guide you in the attainment of your financial goals.
Contact the estate planning attorneys of Tuesley Hall Konopa, LLP to schedule an free initial consultation.
