|
- Will
- Probate
- Living Trust
- Living Will
- Joint Tenancy
- Powers of Attorney
a written document by which a
person makes a disposition of his or her property, to take effect after their
death. To be valid, a will must comply with formalities required by law.
a court procedure which begins
with the filing of the deceased person’s will and continues through payment of
taxes and debts owed by the estate and distribution of assets.
a legal document that provides
for the administration of assets and income during and after the lifetime of the
trust creator. A trust can eliminate the need for probate proceedings with
respect to the assets placed in the ownership of the trust.
a document that spells out a person’s
wishes about life-sustaining medical treatment if they become terminally ill and
are unable to speak for themselves.
a type of property ownership in
which two or more people own an undivided interest in the whole. Upon the death
of a joint tenant, the other joint tenant(s) own the entire property. Property
held in joint tenancy generally is not subject to the Probate process.
a document authorizing another
person to act as one’s agent, or attorney. A durable power of attorney
allows the agent to act when the other person (principal) is incapacitated.
|