Probate

Your will is also called a Last Will and Testament. In your will, you put into writing your wishes for how your property and assets are to be distributed upon your death. A will can be challenged in a courtroom. It is wise to seek help from an experienced attorney who can appropriately draft your will and minimize any potential conflict among your family members.

There are many types of trusts, and they all fall into one of two categories- revocable trusts and irrevocable trusts. Trusts consist of a trustor, trustee, trust property and a beneficiary or beneficiaries. If you establish a trust, you are called the trustor. The person who manages the trust is the trustee, and the person who receives the money is the beneficiary. A trust distributes money to the beneficiary. Types of beneficiaries vary from grandchildren to charitable organizations.

When you name someone as your power of attorney, you are asking the person to handle your affairs in the event you are unable to do so. There are medical powers of attorney and financial powers of attorney. Different person can be chosen for each type. A medical power of attorney handles health care decisions on your behalf. A financial power of attorney handles your financial affairs. This can include everything from balancing your checkbook and handling your bank accounts to paying your bills and making investment choices.

A health care directive establishes your wishes regarding end-of-life decisions and health care preferences. The written instructions are for physicians, family members and friends to follow in the event you are incapacitated or too ill to voice your wishes.