GENERAL ESTATE PLANNING

The type of estate plan a client and his or her attorney create depends upon the client’s goals. Typical goals are:

• Get the estate to the chosen beneficiaries;
• Maximize the value of the estate (minimize probate costs and estate taxes);
• Provide for money management for the client during any period of incapacity

TERMS:

Testator – person signing a will.
Settlor - person setting up the trust.
Trustee - person managing the trust assets.
Beneficiary - person receiving the beneficial enjoyment from a trust or will.
Principal – person signing a Power of Attorney
Agent – named to act for the principal under a Power of Attorney

DOCUMENTS

Will – a document that names an executor to handle the management of the estate after death and distribute the assets to the proper beneficiaries.

Trust – an agreement for the management of assets both during lifetime and after death.

Durable power of Attorney for Finances – names someone to act as your agent in the event that you are not able to manage your finances due to incapacity.

Advance Health Care Directive – names someone to act as your agent for making health care decisions in the event that you cannot make such decisions due to incapacity.

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