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Will. This instrument allows you to designate the people that you want your assets to go to and the guardian of your minor children. The portion of your assets controlled by your Will is called the probate estate. It consists of assets which you own at the time of your death and are in your name alone. You may change your Will at any time. It takes effect only at your death. |
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Trusts. A trust is an arrangement where you transfer property to a trustee or trustees to manage for the benefit of your beneficiaries. The transferor of the property or grantors can also be the trustee (in other words you and your wife can transfer the assets into the trust and have complete control over these assets as the trustee). The assets held by a revocable trust do not go through probate. There are several kinds of trusts: revocable, irrevocable and testamentary. |
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Durable Power of Attorney. You may use a durable power of attorney to designate another person to manage your financial affairs during your lifetime if you are unable to do so. Each spouse can designate the other spouse to act in this capacity. This is done so that a guardianship does not have to be set up for a person should they become physically or mentally incapacitated. |
Living Will. You may create a Living Will to communicate your feelings about life-sustaining treatment in the event you are in a terminal condition or permanently unconscious. Such an instrument may also designate a health care representative who is authorized to make medical decisions for you if you are unable to do so. |
As you can see an estate plan is really for anyone who wants to plan the manner in which they would like for their property to be distributed. |
