A last will and testament is an estate-planning writing that says what you want to happen with your property after your death. A good will provides all the directions for who will inherit your property.
Estate Planning is the practice of making it plainly understood how you want your estate to be managed after your death or if you no longer have capacity and are unable to deal with things for yourself.
- Last Wills and Testaments
- Revocable Trusts
- Irrevocable Trusts
- Powers of Attorneys
- Health Care Directives
- Beneficiary Deeds
- Contracts (several types)
Last Wills and Testaments
A trust is a relationship where a party gives another party control over property or assets. The party in control must use the property or assets in a way specified by the trust.
A revocable trust is a trust that allows for the change of provisions based on the grantor of the trust. This kind of trust may not be as helpful in shielding assets from creditors.
An Irrevocable trust is a trust that may not be changed or ended by the Grantor after creation. An Irrevocable trust can be a useful tool for limiting estate taxes and shielding assets from creditors.
Powers of Attorneys
A power of attorney is a document that will give someone you trust the ability to make decisions on your behalf, should you ever be in a situation where you cannot decide for yourself.
Health Care Directives
A health care directive is a writing that will inform doctors what your wishes are regarding your healthcare.
A beneficiary deed is a type of deed that hands over property to a beneficiary. Deeds generally transfer property in the present but a beneficiary deed can be created today and transfer property in the future.
A contract is a legally binding agreement where two parties agree to perform. Depending on the area of law, a contract may be in writing or it may be made orally. This important document can give the parties peace of mind knowing that their actions will not unjustly enrich the opposing party if it fails to perform its promise.
A mortgage is a loan that can be used in the purchase of a home or land. It is secured by the lender keeping an interest in the property until this loan is repaid.