This month I thought I would share some definitions of the different documents that can handle your estate so you can see what they are and how they differ and what you might need to have drawn up to protect you and your family’s estate.
Trusts provide for the management and distribution of your assets during lifetime and after death. A will, on the other hand, allows you to do things like name guardians for your children, appoint an executor for your estate, and declare your final wishes.
A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the beneficiaries' consent.
A Last Will & Testament is a legal document that details how a person wants his property to be distributed after his death. You can also name a guardian for your minor children in a will and name the people responsible for managing and distributing your property.
A living will is a legal document that details the medical directions a person wants followed in the event she becomes seriously ill or incapacitated and cannot communicate such decisions herself. A living will often deals with matters such as feeding and breathing tubes as well as the use of life support and life-sustaining medical treatments.
These are the basic documents that most people use in conjunction with each other. I hope that you have your affairs in order or that you have at least done some of the easy things like vehicle titles and such and that you have set an appointment with an attorney to review your estate.
Remember if you bring your attorney receipt to Lewis Realty, we will pay $100 towards it. It is that much of a passion of mine for people to be prepared for the unexpected.
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