Estate Administration/Probate
Process of gathering and managing assets after the death of a person, paying debts of the estate and distributing the remaining assets to the beneficiaries named in the Will or, if there isn’t a Will, then according to the laws of the state in which the decedent lived.
Will
Creating a Will allows a person to convey how he/she would like his/her assets distributed after death. It clearly spells out who gets what and how much, who should care for the minor children and who is in charge of carrying out the terms of the Will.
Trust
An agreement in which the owner of an asset gives that asset to a third party, Trustee, to hold, manage and distribute to a named beneficiary.
Power of Attorney
Gives a person, the Agent, the power to act on another person’s behalf, the Principal, when the Principal cannot manage his or her own affairs/assets.
Healthcare Power of Attorney
Gives a person, the Agent, the power to make healthcare decisions on behalf of the Principal, when the Principal is unable to make those healthcare decisions for himself/herself.
Living Will
Expresses a principal’s wishes and instructions for health care and health care directions when the principal is determined to be incompetent and has an end-stage medical condition or is permanently unconscious.