Q. What is a Will?:
Answer: A will is a written document in which a person expresses their wishes as to how to handle the person's affairs after that person is deceased. This document will address as to how to distribute the person’s assets, appoint an executor or a trustee, and appoint a guardian for minor children when necessary.
Q. What is a Power of attorney?
Answer: A Power of attorney is a document appointing an agent to make financial decision on behalf of someone in case the person becomes disabled.
Q. What is a Health care directive proxy?:
Answer: A Health Care proxy is a document appointing an agent to make medical decisions for a person in case the person is unable to make medical decisions.
Q. What is a Health care directive?:
Answer: A Health Care directive is a document expressing a person’s wishes as to life sustaining medical measure in case the person is terminally ill and is unable to communicate his or her desire.
Q. What is a Trust?:
Answer: A Trust is a written document transferring legal title of an asset to the Trust for the benefit of a beneficiary (person receiving the asset).
Q. What is a testamentary trust?
Answer: A testamentary trust is a trust created under a will.
Q. What is a living or inter vivos trust?
Answer: A living trust or inter vivos trust is a trust created by someone while the person is still living.
Q. What is a revocable trust?
Answer: A revocable trust is a trust that can be changed while the person who created the trust is still alive.
Q. What is an irrevocable trust?
Answer: An irrevocable trust is a trust that cannot be changed once it is created.
Q. What can I expect during Estate Administration?
Answer: Estate administration is the process of settling a deceased’s affairs including gathering all of the decedent’s assets, preparing inventory of assets, paying debts, taxes, costs, distributing assets according to the will or intestacy law of the state and doing final accounting. If there is a will, the will is filed with the Surrogate court and probate is initiated. If there is no will, a request is made to the Surrogate court to appoint an administrator to handle the decedent’s affairs. (Intestacy).
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