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Tag Archive: Will

The Four (or Five) Documents Everyone Needs In Their Estate Plan

Everyone has different estate planning needs; however, all estate plans should have the same, basic documents. A Will. The crux of any estate plan, a will distributes your assets to the persons you want to receive your property when you die. In addition, a will names an executor to manage your estate, and can appoint a legal guardian and trustee for children and grandchildren. A durable power of attorney (POA) authorizes someone to sign your name, and act on your behalf should you become physically or mentally incompetent to handle financial matters.  The person you designate in the POA can pay bills, file taxes and direct investments on your behalf. A Health Care Proxy authorizes someone to make medical decisions for you if you are unable to communicate them for yourself. Without a Health Care Proxy, doctors or hospitals will be required to provide medical treatments based upon their protocols, regardless

Property You Should Not Include in Your Will

There are many types of property that should not be included in your will, property that you may not realize is, or should automatically be earmarked for distribution upon your death. Jointly held property: A house or a bank account that is in joint names with another person will pass to the survivor automatically upon your death. Such joint property has what is called a right of survivorship, that is, it passes to the survivor. Nothing you say in your will can change that. Property held in a living trust: A living trust is specifically set up to facilitate the transfer of property upon the grantor’s death and to avoid probate. Therefore, the beneficiaries of a living trust automatically receive the property held by the trust upon the grantor’s death. You can always change the terms of a revocable trust during your lifetime by amending the trust documents, but you

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