Wills & Trusts - Power of Attorney - Health Care Directive

Wills & Trusts: 101

A will is a testamentary device that allows a person to direct the distribution of their assets upon death. A will provides a simple and cost-effective way to determine how your estate will be distributed. If you pass without having a testamentary device in place, the laws of the state wherein you reside determine for you how your property will be distributed.

A will is ideal for individuals with children or minimal assets. In addition to directing the distribution of your assets, it is a great way to determine who will serve as a guardian for your children should the need arise.

A trust is similar to a will in that it directs the distribution of your assets upon your passing, but different in how it distributes your assets. In other words, whereas probate proceeds may be necessary for assets to be distributed by a will, a trust avoids probate and instead allows your assets to pass without probate.

Probate avoidance is ideal because it saves time and expense in distributing your estate. Additional advantages include more flexibility in the distribution of your assets, tax advantages, and speed or ease of administration.

Contact us today to see which is better for your particular situation and an attorney at Thompson & Associates will be able to craft the best strategy for you!

Power of Attorney

A durable power of attorney is the most common way to arrange for someone to help you manage your finances should the need arise.

In essence, creating a durable power of attorney gives to another the legal authority to act on your behalf. In California, this agent is more formally called you "attorney-in-fact." Your power of attorney can be as broad or narrow as you specify. In other words, you can determine how much, or how little, financial power you want to convey to the person of your choice.

As you can imagine, the decision to give another power over your finances is a big decision. Come see an attorney at Thompson & Associates so we can advise you and help steer you clear of common mistakes and pitfalls.

Advance Health Care Directive

An advance health care directive is, in its simplest form, a set of instructions by you specifying what actions should be taken for care in addressing your health care needs should you become incapacitated and unable to legally make the decision for yourself.

Again, the terms, conditions, and choices you make when drafting an advance health care directive should not be taken lightly. Come see an attorney at Thompson & Associates so we can advise you and help steer you clear of common mistakes and pitfalls.