It helps to know the basics, if for nothing else than holding a conversation. Here are some estate planning basics from Goosmann Trust Law Counsel.
(1) Durable General Power of Attorney. Also known as the financial power of attorney, this document appoints someone to make financial decisions for you when you are no longer capable of doing so.
(2) Health Care Power of Attorney. This is for selecting someone to make medical decisions on your behalf when you are incapacitated.
(3) Living Will. A Living Will expresses your wishes regarding end of life decision-making. In particular, it addresses whether you would like life support when you are in either a terminal or vegetative state with no possibility of recovery, and the purpose of the life support would be to simply prolong the dying process.
(4) Will. A Will is a document you create which describes how you want your property distributed after you pass. Though created during your life, it only takes effect at your death. A will must be submitted to the court and probated, which is the general term for court supervision of the administration of the Will.
(5) Trust. A Trust is an agreement that you create for handling your property. This instrument is effective both during your life and afterwards. Trusts allow for more complicated planning and more private than simple Wills.
If you have any further questions about estate planning, call Goosmann Trust Law Counsel today at (712) 226-4000.
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