Simple- Manages one’s estate at one’s death. Bequeathes property to beneficiaries outright.
Pourover- Manages one’s estate at one’s death. Bequeathes property to a living revocable trust.
Trusts
Power of Attorneys/Living Wills
Trusts
Simple Trust- Gives property held in trust outright to beneficiaries at death of trust creator (“Grantor”). Used mainly for probate avoidance.
Declination Trust- Establishes a marital trust specifically for use by the surviving spouse while allowing the surviving spouse to decline certain assets to a separate trust. Good for medium size e
Simple Trust- Gives property held in trust outright to beneficiaries at death of trust creator (“Grantor”). Used mainly for probate avoidance.
Declination Trust- Establishes a marital trust specifically for use by the surviving spouse while allowing the surviving spouse to decline certain assets to a separate trust. Good for medium size estates, especially when Grantor wants to control payout of assets at death.
Credit Shelter Trust- Utilizes the Unified Credit Shelter Exemption* at one’s death. Used mainly for larger estates for estate tax avoidance.
Power of Attorneys/Living Wills
Power of Attorneys/Living Wills
Power of Attorneys/Living Wills
Living Will- Do Not Resuscitate Order
Power of Attorney for Health Care- Allows principal to name agent to oversee health care decisions when the principal is incompetent.
Financial Power of Attorney- Allows principal to name agent to oversee financial decisions when the principal is incompetent.
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