Not Sure About the Meaning of Something?Maybe these definitions will help you out…
Anything that can be assigned a monetary value, including bank & brokerage accounts, any tangibles, such as our home, cars, jewelry etc.
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.
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.
Dying without a Will. Same court process as PROBATE, except a bond is generally required for the manager (personal representative).
Written contract directing the management and distribution of our “stuff”.
Types: Testamentary, Revocable, Irrevocable & Asset Protection
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
Document to medical professionals and family members declaring our health care desires and wishes in the event of our incapacity.
Our personal directions to a Probate Court; effective only at death and effective only if presented to a Probate Court.
Children’s Legal Care Plan℠
Documents authorizing designated persons to care for our children during a crisis and until the time guardians are appointed under a Will.
Our story; our heritage. A gift of personal assets and values from our life journey that we leave behind after we are gone.