The end of life may be the last thing you want to think about, but planning for the disposition of your assets is essential, especially if people depend on you financially. When you are ready to complete an estate plan, you need to consult an experienced attorney like Nissan Thomas for guidance and assistance.
•Trust - A trust is an arrangement in which you are able to transfer some of your property to a separate legal entity that will hold the property until you die. Upon your death, the property will transfer to the individuals named in the trust documents, which typically occurs without court supervision, e.g. probate. While some trusts can be changed or canceled at any time during your life, others are irrevocable.
•Will - A will is a document that provides instructions for the administration of your estate and the disposition of your property after your death. Wills may also be used in conjunction with trusts. However, wills must be probated, which means the administration of the estate will be supervised through the probate court.
•Power of Attorney - Power of Attorney is a directive that gives a specific person the right to make financial and/or medical decisions on your behalf if you become unable to do so during your life.
Some people try to create their own estate plans to save money. However, while you may find generic will or trust documents on Legalzoom or other such sources, these documents cover only the most basic after-death instructions. They are not typically appropriate for complex situations, and they won't cover situations that arise before your death. A full estate plan created by an experienced attorney will deal with all of these potential contingencies, allowing you to know that all bases are covered.
If you are interested in creating your own comprehensive estate plan or learning more, call the Law Offices of Nissan Thomas, Esq. for a consultation.