Living Trusts A living trust allows you to title many of your assets into a trust so that they pass to your designated beneficiaries without the necessity of costly probate. Furthermore, it allows you to determine when and how your designated beneficiaries will receive assets contained in the trust. Therefore, if you feel your children are not currently mature enough to handle a large deposit of money, you can direct the trustee of your estate to only administer funds to support your children until they reach an age where you feel it is appropriate to pay out the remaining balance.
Last Will and Testament A last will and testament allows you to designate who you want to receive your assets upon your death. This document also allows you to name a legal guardian for minor children. Without a will, your estate will go through probate and be distributed according to your state’s probate statutes. This can result in expensive attorney and court fees.
Power of Attorney for Health Care This will allow you to designate someone to make medical decisions for you if you become incapacitated.
Power of Attorney for Property This document will allow you to designate an agent to manage your property, such as bank accounts, if you become incapacitated. In addition, this document could be used by your spouse to conduct transactions, such as selling your real estate, if you are not able to be present.