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Common estate planning terms and information are listed below to give you a general overview on estate planning tools. This is not legal advice. We are providing a link to LegalZoom.com where you will find more information and forms that address your needs.Click below LEGAL DOCUMENTS ONLINE!

Estate Planning
Estate planning preparing important legal documents such as wills and trusts that provide specific instructions for the distribution of property passing to a person’s designated beneficiaries.


Wills
A will is a legal document that gives specific instructions on how to distribute a person’s assets at the time of their death. The property of someone who dies without a valid will is distributed according to state law. Wills become public after your death when you go through the probate process. If you would like privacy consider a Living trust.


Living Wills
Living wills are legal documents that allow a person to set forth instructions about the treatment and care they wish to receive in the event they become incapacitated, including whether they wish to receive life-supporting treatment


Trusts   
A trust gives one person or organization the power to manage property for the benefit of another. Many trusts are created in conjunction with a will and other forms of estate planning.   

 
Probate
 If you have a living trust at the time of your death you usually do not have to go through the probate process. Probate is the process also usually provides a process for payment of the deceased debts.  by which a court determines the validity of a will and supervises the execution of its provisions and distribution of the deceased person’s property. Probate

LIVING TRUSTS
Estate planning tool that handles the distribution of property. This document can be Irrevocable meaning the terms can not be changed or more common a Revocable Trust. Revocable means you can change the terms at any time prior to death if you are of sound mind, the type of Living Trust that you choose will depend upon your marital status and your net worth. Some of the more common types of trust are Simple trust, Single trust, AB trust of the more


SPECIAL NEEDS TRUST
 A disabled person generally cannot receive government benefits if they have personal assets that could be used for their support, an inheritance or gift may make them ineligible to receive benefits. A special needs trust permits a disabled individual to receive gifts and inheritances without being disqualified from receiving government benefits. A special needs trust is managed by a third party trustee for the benefit of the disabled person.


GRANTOR RETAINED ANNUITY TRUST
A Grantor Retained Annuity Trust is an irrevocable trust that allows the grantor to transfer property to the trust and retain an income interest for a period of time before passing the property to the heirs at the end of that period. The property is subject to gift tax, not estate tax (unless the grantor dies in which case it would be included in their estate). The amount of the gift and the associated tax is discounted because of the grantor's retained interest.


• POWER OF ATTORNEY Healthcare - This type of power of attorney is used to designate an agent to make health care decisions for you in the event you are unable to make them for yourself.

• POWER OF ATTORNEY for financial matters -This type of power of attorney is used to designate a specific person to make financial decisions for you in the event you are unable to make them for yourself.

• COMMUNITY PROPERTY AGREEMENT This agreement is useful when there are children from a prior marriage and the couple wants to    make clear what property will belong to a surviving spouse and what property will be immediately passed to the children.

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