LAST WILL AND TESTAMENT (Simple Will)
► Allows you to distribute your property to those you choose (your beneficiaries)
► Allows you to name an "executor" who will carry out your wishes
► Allows you to name a guardian to care for your minor children, if any
► Must go through probate court to be administered
POUR OVER WILL
► Used in Conjunction with Living Trust
► “Pours Over” assets to Living Trust upon Death
► Same Benefits and Uses as Simple Will except Living Trust Distributes Assets, Not Will
LIVING TRUST
► Private Document
► Avoids Probate
► Allows Choice of Representative to Administer Estate after Death
► Used to Minimize Federal Inheritance and State Death Taxes
► Ensures that Client’s Assets do not fall into Ex-Spouse’s, or Ex-In Laws’ Hands
DURABLE POWER OF ATTORNEY
► Nominate Agent to Act for Client in event of Disability
► Unaffected by Client’s Subsequent Disability
► Provides Authority for Agent to Handle Financial Affairs
► Avoid Expensive Guardianship/Conservatorship Court Proceedings
PATIENT ADVOCATE/HEALTH CARE DIRECTIVE
► Client can Designate Medical Treatment Directives and Avoid Undesirable Medical Procedures and/or Life Support
► Nominate Agent to Act as your Representative