This interactive legal document enables you to generate a Basic Shared Living Trust. Much like a will, a living trust lets you leave your property to the people you want to inherit it. Also like a will, you can revoke or change your living trust at any time, for any reason, before you die. The big difference is that assets left in trust don't have to go through probate court proceedings at your death. This is because when you create a living trust, you must transfer ownership of the designated property to yourself as "trustee" of the trust. During your lifetime, you still have control over all the property transferred to your living trust and can do what you want with it - sell it, spend it, or give it away. Then, after your death, the person you named to take over as trustee distributes the property to the family and friends you named.
This interactive questionnaire will create an estate planning document called a "Pour-Over Will" for a married person with or without children. This document is only applicable if you and your spouse have, or are creating at the same time, a Revocable Living Trust.
A Pour-Over Will and a Revocable Living Trust work together to give instructions for how your assets should be used to take care of you and the people you care about.
Within the Pour-Over Will, you describe your legacies (or gifts) of real estate, cash, and other types of assets that will be distributed upon your death to your loved ones. You will also name guardians of minor children if applicable. All remaining assets are called "residuary" assets and these will "pour over" into your Revocable Living Trust and be handled according the instructions in the trust.
A Power of Attorney is a legal document where one party (the Principal) authorizes another party (the Agent or the Attorney-in-fact) to act on his or her behalf during an absence. This authority can specifically include or exclude several areas of interest, including matters of physical property, real estate, banking, insurance, tax matters, etc.
Traditionally, this authority ends when you become medically incapacitated. However, you have the option to make the Power of Attorney (1) "Durable" which means it will remain effective from the time of signing the document and if you become medically incapacitated; or (2) "Springing" which means it will only be effective upon you becoming medically incapacitated.
This form creates a HIPAA Authorization form, which enables certain trusted family and friends to have access to your medical records and health information when you are injured. These records are typically used to help prove whether you are capable to make health care and financial decisions on your own, and therefore could activate a Health Care Power of Attorney or a Durable Power of Attorney which you signed when healthy.
Living Will and Health Care Power of Attorney -- a document which allows a person (the declarant), while healthy, to provide instructions regarding what healthcare he or she wishes to receive in situations of a coma or other critical medical condition where the person cannot communicate or be of sound mind. This document will also identify the person who will carry out these instructions (the attorney-in-fact). In some states, this document is referred to as an Advance Directive.