Advanced Medical Directives
Advanced medical directives let others know what medical treatment you would want. Or it may allow someone to make medical decisions for you, if you are unable to express your wishes. There are three basic types of advanced medical directives. The required documents vary from state to state:
There are over 50 different types of trusts available. One of the most common is a living trust (also known as a revocable or inter vivos trust). It is a separate legal entity when you own property, such as your home or investments. The trust is called a living trust because it’s meant to function while you’re alive. You control the property in the trust, and, whenever you wish, you can change the trust terms, transfer property in and out of the trust, or end the trust altogether.
Not everyone needs a living trust, but it can be used to accomplish various purposes. If you’re concerned about privacy, property in a living trust is not included in the probate estate. Therefore, it’s not subject to public record.
Depending on the situation and state laws, the probate process can be simple, easy, and inexpensive. Or it can be relatively complex, resulting in delay and expense. This may be the case, for instance, if you own property in more than one state or in a foreign country, or have heirs who live overseas.
Transferring property through a living trust provides a quicker, almost immediate transfer of property if desired. Or it can apply certain restrictions to the timing and size of the distributions to beneficiaries.
Click here to learn more about Multi-Generational Planning and Asset Distribution to Beneficiaries.