Estate Planning Definitions:
These are some common definitions which may arise when you are finalizing your estate planning.
• Will (Last Will and Testament) – A legal document that defines who will manage your estate; an instruction to a court of law.
• Letter of Instruction – It is an informal document that speaks to the financial and personal matters that must be attended to after one’s death.
• Advance Directive – Documents that include health care guidelines, living wills, medical and health care powers of attorney and other personal directives.
• Power of Attorney – A document that delegates the power to legally take care of financial affairs if one becomes disabled or incapacitated.
• Intestate – Dying without having a will.
• Probate – The process of having an attorney present your Will before a court.
• Estate Planning – A way by which legally effective arrangements are set up to meet specific wishes if something happens to you or your loved ones.
• Durable Power of Attorney (Health Care) – The appointment of a designee to make decisions regarding one’s health care treatment if you are unable to provide informed consent.
• Living Will – An advance directive giving physicians and hospitals your instruction regarding the cessation or provision of health care treatment should you suffer permanent incapacity or an irreversible coma.
• Estate – Consists of all the property a person owns or controls.
• Living Trust – Instrument that allows for holding legal title to and providing a mechanism to manage your property and carry out the instructions you want in the Trust. Instrument continues in force during one’s lifetime even in the event of incapacity and after death.
• Testamentary – Instrument created after death.
• Grantor or Trustor – One who establishes the Trust.
• Trustee – Individual named by the Trust as the controller of the Trust’s assets.
• Beneficiaries – Heirs
Educating ourselves on the varied aspects of retirement challenges and opportunities including planning for the business of the end of our lives is what we need to retire well and enjoy living in our next new adventure.
P. S. Always Remember to Share What You Know.
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Information on Financial Planning can be viewed HERE
