Estate Planning


Estate planning is a necessary process to protect your financial freedom and the
financial freedom of your loved ones who survive you. Proper estate planning will
minimize taxes and smoothly transfer assets to intended beneficiaries. Some key
terms to understand in estate planning include:

Wills

Everyone should have a will, a legal document describing how you want your assets
and belongings to be distributed after you die. If you had a valid will at the time of
your death, in legal terms you have died testate, and all distribution of assets and
belongings will go as set forth in your will. If you die without a valid will, you have
died intestate and you will have no say over who gets what. All your assets and
belongings will be distributed by the laws of the state where the property is located.

Probate

Probate is a court proceeding where final debts are settled and the legal titles to
property are formally passed from the deceased person to his or her heirs. The
probate process can vary greatly by locality, so your lawyer will walk you through the
process.

Power of Attorney

Power of attorney documents designate someone to act in your behalf. Their power
to act can be restricted in the document to specific acts or left virtually unlimited.
A health care power of attorney, also referred to as a health care proxy, will tell
doctors what to do or not to do when you are not able to tell them yourself. Health
care power of attorneys follow what you designate in your living will.

Living Wills

A living will speaks for you, through the ones you have selected to carry out medical
treatment decisions (e.g. health care power of attorney), if you are unable to do so
yourself. For instance, if you were in a coma, permanently unconscious or in some
other state where you cannot communicate, your wishes regarding procedures to
sustain life or prolong the process of dying would be known and carried out.




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