Estate Planning FAQs
What is a Will?
A Will is a legal document that speaks at death, telling your survivors how you want your property to be distributed after you die.
What is probate?
Probate is court supervision over your property after you die, telling your “executor” to pay your debts and distribute your property according to your Will. If you do not have a valid Will, a court tells your “administrator” to pay your debts and distribute your property according to state law.
What is a conservatorship?
A conservatorship is court supervision over your property and financial decisions, and your personal day-to-day living decisions. If you are unable to make those decisions, a court appoints a conservator and tells the “conservator” to make those decisions for you.
What is a durable power of attorney?
A durable power of attorney is a legal document telling someone you select to manage your property and make financial decisions for you, while you are alive, if you are unable to make financial decisions.
What is a Living Trust?
A Living Trust is a legal document telling your survivors how to distribute your property when you die, but, unlike a Will, a Living Trust can avoid probate at death, and can prevent a court from controlling your property and financial decisions, and your personal day-to-day living decisions, if you become unable to make those decisions, by telling a “successor trustee” selected by you to make those decisions for you while you are alive. More...
What is a Life Insurance Trust?
A Life Insurance Trust is a legal document creating a trust which owns your life insurance policy while telling your survivors how to distribute your life insurance death benefit when you die. You may have purchased life insurance to provide a source of funds to pay estate taxes, but the life insurance death benefit may increase your estate tax liability. You may have carefully planned who will inherit your estate, but distributing your life insurance death benefit to the beneficiary named on the life insurance policy may not be consistent with your estate planning goals. A Life Insurance Trust can avoid inclusion of the life insurance death benefit in your taxable estate, and can assure that your life insurance death benefit is distributed according to your estate planning goals by telling a “trustee” selected by you how to distribute the life insurance death benefit. More...
What is a Living Will or an Advance Health Care Directive?
An Advance Health Care Directive is a “living will” telling someone you select to make health care decisions for you if you are unable to make those decisions for yourself, so that your desires concerning medical care and life-sustaining treatment will be followed.
