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DEFINING YOUR ESTATE PLANNING GOALS AND IDENTIFYING YOUR ASSETS

Here are some questions to help you begin to plan–and a form you can complete to make an inventory of–your estate. Before meeting with your estate planning attorney, you will find it helpful to consider these questions and complete the inventory form. 

Afterwards we will follow up with you with your initial consultation.

ANSWERS TO YOUR QUESTIONS

WHY DO I NEED A WILL?

If you die without a will, your property will be distributed based on certain “intestate” rules, and the property will not necessarily be distributed in a way that you desire. A will ensures that your personal assets will go to family members, individuals, or charitable organizations you specifically designate to receive your property. If you have minor children, your will can also include provisions to address who will care for your children after your death.

WHAT IS AN EXECUTOR?

An executor is the person you choose in your will to handle the administration of your estate. His or her job is to carry out your wishes as specified in your will. 

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WHAT IS A TRUST?

A trust is a legal relationship in which one person (the trustee) holds legal title to property for the benefit of another (the beneficiary). Many kinds of trusts exist and are used to accomplish a variety of estate planning goals. A trust may supplement a will, or replace a will; allow your estate to avoid probate; be created to manage a person’s property or protect it from creditors; provide tax benefits; or reduce tax liabilities. An experienced estate planning attorney can help you determine what trusts to include in your estate plan depending on exactly what you want to accomplish.

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WHAT IS THE DIFFERENCE BETWEEN A POWER OF ATTORNEY AND A DURABLE POWER OF ATTORNEY?

A power of attorney is a document that you sign to give another person authority to manage your affairs. When you sign the form, you name a specific person to serve as your “agent” or “attorney in fact” to act on your behalf. The duties may include signing legal documents or handling financial matters. 


A power of attorney does not eliminate your power over your own matters, and you are still able to make your own decisions.


A durable power of attorney is similar to an ordinary power of attorney in that you grant another individual authority to serve as your agent and handle financial matters for you. However, an ordinary power of attorney ceases to be valid if you become mentally incapacitated. A durable power of attorney does not. 

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WHAT IS THE DIFFERENCE BETWEEN AN ADVANCE DIRECTIVE AND A LIVING WILL?

An “advance directive” is a document or documents in which you provide instructions or express your wishes about the medical care you want to receive if you become incapable of making treatment decisions for yourself. 


A living will (also known as a directive to physicians or health care declaration) is a type of advance directive document where you set forth the types of medical care and treatment you want to receive or don’t want to receive when you can no longer speak for yourself because you are terminally ill, near death, or permanently unconscious.

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