Estate planning sounds so overwhelming: Wills, Living Wills, Power of Attorney, Trusts, Guardianships, etc., etc., etc.
What does it all mean and what do you really, really need to ensure that your family will be cared for when you pass away?
While the following definitions are by no means intended to be all-encompassing, or cover all of the variations of each document, they are helpful for the estate planning novice in determining what documents are right and necessary for them.
What is a will?
A will is a written legal declaration by which a person makes known how their property will be disposed of upon their death. Property includes not only real property (land, house, condominium, business storefront, etc.), but also personal property such as jewelry, art, sports memorabilia, even pets.
What is a living will?
A living will is a legal document, by which a person makes known his or her wishes regarding life-sustaining or life-prolonging medical procedures, such as resuscitation. A living will can also be called an advance directive, health care directive, advance medical directive, or physician’s directive.
What is power of attorney?
Power of attorney is a legal document by which Person A gives Person B the power to make decisions about their legal and/or financial affairs upon Person A’s incapacitation. Powers of Attorney expire upon your death.
What is a trust?
Trusts come in all forms and can be straightforward or extremely complex. Simple stated, trusts are a financial arrangement that allows a third party (the trustee) to hold assets on behalf of a beneficiary. How and when the assets pass to the beneficiary can be controlled by establishing a trust.
My goal is to make estate planning as easy and painless as possible. I even provide you with a guide to get you started on the estate planning pathway. Call me at (732) 444-6406 or write me an email to schedule a meeting. I offer flexible appointment times and my fees are reasonable. For most people who don’t require a lot of special planning, one flat fee covers everything.
The sooner you get started, the sooner you’ll have the peace of mind in knowing that your family will be cared for when the inevitable happens.
The Law Office of Nancy L. Holm, LLC, a New Jersey Limited Liability Company, is a full-service, general practice law firm located in Monmouth County, N.J., and serving clients in New Jersey and Pennsylvania. You can trust our integrity and commitment to your best interests when you have a legal problem. We offer a free consultation and reasonable rates, so that legal representation is available to everyone.