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If you are brain dead, or in a vegetative state, would you want to be kept alive? Would you want to have a breathing tube inserted in you, or not? Would you want to be fed and given water by a tube, or not? These are questions that you can handle through a living will and durable health power of attorney.
Estate planning can also be used to dispose of your assets during your life or at your death. There are several legal instruments for this purpose which include wills and trusts.
A will can be used to dispose of your property at your death. You can change your will during your life. When you die, the will generally will go through the probate court. You will name an executor, who is the person who will administer your property, called your estate, in the probate court once you die.
A trust can be used to transfer your property during your life or when you die. Trusts can be revocable, meaning you can eliminate the trust, or irrevocable, meaning that you can’t eliminate the trust and obtain your property back.
Trusts can be used to take care of children from a prior or present marriage, take care of a present spouse while still taking care of children from a prior marriage, or avoid estate taxes.
Some persons are interested in charity, and trusts can be used for that purpose also. Endowing a scholarship at an engineering school, or a professorship at a medical school, for example, are possible applications of charitable trusts. Others desire to set up private foundations for maintaining an aquarium, or a shelter to help indigent persons. These are all worthy goals accomplished through estate planning.
There are also other types of estate planning tools that can help with your family’s estate.
If you are ready to discuss your estate, then please call 770.886.7207 or email me to set up an appointment.
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