Every adult (including those kids in college) should have a Medical Power of Attorney.
Estate Planning is the process of drafting documents in which you set forth your wishes for managing your assets during your life if you become incapacitated and for how your assets will be distributed at your death.
You must decide between using a Living Trust and a Will as your main document when you prepare your estate plan. Many people are confused by the differences.
Every adult (including those kids in college) should have a Durable Power of Attorney. In this document you name a trusted person to act as your agent for financial matters while you are living.
Probate takes place when the owner of property dies and an asset must be transferred from the deceased to another person.
A Revocable Trust can be used as your main estate planning document instead of a Last Will. It is important to note that if you have a Will, the probate process must be used to administer the Will.