 *Requires Adobe Acrobat | Le Bleu Chateau Community Service Program |  |
*Requires Adobe Acrobat | Le Bleu Chateau Community Service Program | |
It is only natural to want to protect yourself, your family and your assets in the event you become sick, disabled or die. However, it is not simple. Regulations require the drafting of specific documents (with the proper wording) that contain your wishes and directions, establish who will make decisions in you place, and provide guidance for the decisions that must be made. These written instructions form an estate plan, the simplest containing the following documents.
Last Will & Testament
Living Will
Durable Power of Attorney
Medical Power of Attorney
This is not a task to tackle alone. The complexity of the process makes it essential to hire an experienced attorney who is up-to-date with the latest regulatory changes. He/she will guide you through the legal maze and provide protection for who and what is dear to you.
Beneficiary - A person who benefits from a will or trust. Also known as a legatee. A person who becomes a beneficiary only when a specific event occurs is called a contingent beneficiary.
Durable Power of Attorney - A document in which the principal (a mentally competent adult) appoints an agent (another mentally competent adult or a corporation) to make financial and legal decisions on their behalf, only in the event that the principal becomes incompetent.
Estate - The sum of real and personal property owned by a person. Everyone has an estate, not just the rich.
Last Will & Testament - A document that provides for the disbursement of assets upon a person’s death. It can be a simple will or include trusts and provisions that minimize estate taxes. This document should be reviewed every 5 years. A codicil is an addition or modification to a will.
Living Will - A document that states a person’s choices on the use of artificial life support and other medical treatments.
Medical Power of Attorney - A durable power of attorney that appoints a mentally competent adult to make health care decisions. Also known as a Health Care Proxy.
Probate - The court process that establishes a will as authentic and valid, then administers its terms and distributions.
Trust - A legal agreement in which a trustor (or settlor) turns the management of an asset(s) over to a trustee for the benefit of a third party, the beneficiary. A testamentary trust is included in a will and is established after a person dies. A living trust is established when a person is alive and comes in two categories - the revocable trust that may be changed or canceled by the trustor and the irrevocable trust that may not.
