A will enables you to designate beneficiaries and administrators while bypassing default probate laws. We will create your will to include your personal assets, which will transfer into the trust upon your passing. The trust will also outline the care arrangements for your dependent children in the event of your death. These critical decisions should not be left to the court system.
A living trust, also known as an inter vivos trust, is a legal arrangement that helps you bypass the costs and complexities of probate (the legal process that occurs after your death). These trusts are regarded as living documents that you can modify while you are still alive. However, once you pass away, the trust becomes “irrevocable,” requiring your successor trustees and beneficiaries to adhere to your wishes. Additionally, trusts are private documents, meaning there is no need for court or attorney involvement in their administration.
A living will is a crucial health directive that legally outlines your wishes in the event of a life-or-death situation requiring artificial life support. Without a living will, your friends and family may find themselves in conflict over whether to terminate life support. This document only comes into effect when you are unable to communicate your desires independently.
Aging can lead to significant challenges, including illnesses that may eventually impair your ability to care for yourself. Since a trust is only activated upon a person's death, you might require a temporary guardian who can access your medical and financial records during your lifetime. A Power of Attorney will enable your appointed representative to assist you with filing taxes, accessing medical records, selling property, and securing government assistance.
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