Introduction to Life and Estate Planning
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Revocable Living Trust Will Living Will Healthcare Power of Attorney |
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The
fact that you are reading this means that you care about getting your
affairs in order. So please keep reading and act upon what you read. As a
law firm and business, we would be happy to handle your estate planning
matters for you.
Revocable Living Trust:
A Living Trust distributes property much the same way a Will does, but it
accomplishes the distribution without probate court supervision or
interference. Instead, a less expensive, less time-consuming, private
process is used. The only technical difference is that the title to property
is in the name of the Living Trust, and you, or you and your spouse, are the
trustees. Because the property is not technically in your name when you pass
on, it does not have to go through probate. Many Living Trusts also
incorporate credit shelter provisions to maximize tax savings for your
heirs. Privacy is another benefit often cited by Revocable Living Trust users. When a person passes on, his or her Will becomes a public document accessible to anyone. Any salesman may go into the probate court, see what your estate was worth and which heirs received an inheritance, what their addresses are, and begin soliciting them. A Living Trust may never be seen by anyone other than the trustee(s). According to statistics, Wills are also far more likely to be successfully challenged than Living Trusts. Our firm strongly believes that cases where people have a primary goal of avoiding hassles for their heirs, then they should use a revocable living trust to distribute even a modest estate. Many other attorneys recommend using a Will instead because they either do not fully understand the advantages a living trust provides. For a specific recommendation on your situation, please call to schedule a free initial consultation with the office. See the section Contacting Us.
Last Will and Testament: A Will is the most common document used for giving away possessions after death. This writing instructs a probate court on distributing your assets after all of your bills are paid. Which heirs get which items or what percentage of the estate, when it goes to them, and how taxes are handled are explained in a properly drafted Will. It can also include legally binding instructions on the desired type of funeral service and burial you want, list the people you want to administer your estate, name those you want to take custody of minor children, and outline any age restrictions on the people receiving bequests. Overall, a Will is better than nothing, but it is not nearly as versatile as a Living Trust. In addition to handling the distribution of your property, a Will can also save money on estate taxes, keep money in trust for young beneficiaries, and provide guardianship nominations. Click Here to Read More About Wills
Living Will:
A Living Will orders a doctor to use or not to use extreme life-saving
measures, such as life-support, if you are in an irrecoverable coma or in a
“persistent vegetative state.” In a typical Living Will,
doctors are ordered either to withhold or administer life support
and artificial nutrition Click Here to Read More About Living Wills
Healthcare Power of
Attorney:
A Healthcare Power of Attorney empowers someone else to make health
decisions about treatment if you are incapacitated. This document covers
instances where you are unconscious and a decision is needed regarding
surgery or other treatment. Healthcare Power of Attorney documents
compliment Living Wills in making sure your healthcare decisions are made by
specific people you choose, in order, so doctors have specific people to
turn to for a decision, but that final decision of withholding or giving
life support is made by you in advance. Far too many times a doctor is stuck waiting for the closest living family members to agree on a decision. The patient may also not want that person to be making such decisions but never bothered to put this in writing. A wife may consider her husband too emotional and unable to make such decisions, so she would prefer her brother make these decisions. Or a husband may trust his wife’s judgment, but would want a friend to make healthcare decisions if the wife is unavailable rather than his own mother. A Healthcare Power of Attorney can prevent decision problems before they come up.
Click here to read more
about Healthcare Power of Attorney Documents Financial Power of Attorney: A Durable Power of Attorney empowers someone else to handle financial and legal affairs for you while you are competent, after you become incompetent, or both. In many instances, these documents are used by married couples as a matter of convenience so that one spouse can close on a new home, change banking information, or many other matters. In other cases, it is essential for an elderly parent to give this power to a child to handle their affairs if they are losing competency or for non-married couples to handle routine affairs for the household.
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Life and Estate Planning Domestic Partner Planning Corporate Center Contacting Us Attorney Biography Blog and Podcasts Questionnaire Downloads Workshops The Law Offices of Jeffrey G. Marsocci, PLLC 8406 Six Forks Road, Suite 102 Raleigh, North Carolina 27615 (919) 844-7993 Fax (919) 844-7995
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