Wills
Wills are legal documents that determine how your assets will be divided upon death. Typically, simple wills are best suited for smaller-sized estates and are a must-have for parents who may need a fiduciary for a minor child or young adult. Contrary to popular belief, all wills are required to go through probate. However, having a will in place allows loved ones left behind to avoid intestacy (when you die without a will).
Trusts
Better for larger estates, the primary purpose of trusts is to protect and administer your finances and investments. However, trusts also have stipulations in place that address possible situations, including dealing with incapacity, titling the investment accounts in the name of the trust, and change of ownership of assets. A trust specifies the wishes of the Trustor for asset distribution. Unlike wills, trusts do not have to go through the probate process.
Power of Attorneys
For appointing an individual to handle personal financial obligations, it is vital to designate a Power of Attorney. The Power of Attorney document assures that, if and when health declines, the designated family member or friend can help you while you are still alive but unable to make financial decisions or perform actions such as paying bills. A Power of Attorney can manage your bank accounts, retirement accounts, and real estate investments.
Healthcare Surrogate Designations
Healthcare Surrogate Designations are simple and inexpensive documents that are good for people of all ages to have because it designates which individual(s) can make healthcare-related decisions for you when you are unable, such as in the event of an accident. Healthcare Surrogates, also known as Medical Advocates or Healthcare Advocates, can speak on your behalf to your doctors and insurance company and make life support decisions. This differs from a Do Not Resuscitate (DNR), which is an agreement between an individual and their doctor, not with their Attorney.
Living Wills
Under very limited circumstances, living wills provide a statement of intent that includes when to “pull the plug” or be removed from life support (after being resuscitated) and whether you wish to pass away with or without artificial life support.
Deeds
Sometimes your most significant assets are your home or other real estate assets. Deeds involve real estate assets and are legal documents that transfer title of real property. Heuston Legal prepares and coordinates deeds for homes, investment homes, vacation homes, and income-producing properties as part of the overall estate planning process.
To arrange for your assets’ health and family’s future, contact Heuston Legal today to obtain custom-tailored estate planning to suit your unique needs.