LAST WILL AND TESTAMENT LIVING WILL MEDICAL POWER OF ATTORNEY (POA) FINANCIAL POWER OF ATTORNEY (POA) REVOCABLE LIVING TRUST This document explains how one's property and assets are to be distributed upon one’s death This document grants someone else the power to make financial decisions on one's behalf immediately (durable POA) or upon incapacitation (springing POA) This document grants someone else the power to make medical decisions on one's behalf immediately (durable POA) or upon incapacitation (springing POA) This document explains one's preferences for life-sustaining treatment if one is terminally ill and incapacitated This document explains how one's property and assets are to be distributed upon one’s death WHAT DOES THIS ESTATE PLAN DOCUMENT DO? To avoid probate, keep the estate private, and ensure one's wishes are carried out immediately without delay To ensure important financial decisions (e.g., paying bills, selling assets, filing taxes, etc.) are not delayed or denied To ensure important medical decisions (e.g., life-sustaining treatment, surgery,etc.) are not delayed or denied To ensure one's medical preferences (e.g., dialysis, CPR, tube feeding, surgery, resuscitation, ventilation, etc.) are appropriately followed To avoid letting one's state law determine (with no say from the family) how one's assets and belongings are to be distributed WHY MIGHT SOMEONE CONSIDER USING THIS ESTATE PLAN DOCUMENT? COMMON ESTATE PLAN DOCUMENTS EXECUTOR GRANTOR TRUSTEE POWER OF ATTORNEY (POA) AGENT GUARDIAN Cares for and makes decisions on behalf of a child Makes financial and/or medical decisions on behalf of another person Manages the trust for the beneficiaries Creates the trust and decides what it should accomplish Settles the estate as dictated by the will WHAT DOES THIS PERSON DO? The will The medical and/or financial POA documents The trust The trust The will WHAT DOCUMENT IS THIS PERSON TYPICALLY NAMED IN? Financially supporting the child, raising the child, enrolling the child in school, managing the child's healthcare, providing food and shelter, etc. Medical: making decisions regarding surgery, treatment, location of services, etc. Financial: paying bills, filing taxes, managing investment accounts, etc. Carrying out the trust's instructions, distributing assets, filing trust tax returns, managing trust assets, etc. Forming the trust, naming a trustee(s) and beneficiaries, specifying how the trust will be managed, etc. Handling probate, paying off debts, distributing assets, filing final tax returns, etc. WHAT DUTIES WILL THIS PERSON BE RESPONSIBLE FOR? COMMON ESTATE PLAN PERSONNEL
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