Don’t Know What Something Means?
Maybe these definitions will help you out…Estate
Anything that can be assigned a monetary value, including bank & brokerage accounts, any tangibles, such as our home, cars, jewelry etc.
Estate Planning
The process of preparing for the care of ourselves and our families in the event of incapacity or death. Legal planning for the distribution of our “stuff” (assets) to our children or other loved ones or charities.
Probate
Formal court process for distributing our “stuff” after creditors and probate fees are paid. Process takes an estimated 10-24 months to complete an estate when the value of the estate is $40,000 or greater.
Intestate Estate
Dying without a Will. Same court process as PROBATE, except a bond is generally required for the manager (personal representative).
Financial Durable Power of Attorney
Document appointing a person to handle our financial affairs in the event of our incapacity. Authority ends at death. This document is also often referred to as a General Power of Attorney or Durable Power of Attorney. The term “durable” means the agent serving under the power of attorney has authority to do so during the principal’s incapacity.
Health Care Durable Power of Attorney
Document appointing a person to handle our health care decisions in the event of our incapacity. Authority ends at death.
Health Care Directive or Living Will
Document to medical professionals and family members declaring our health care desires and wishes in the event of our incapacity.