Last Will & Testament: Also called a Will. This document describes how a person’s debts are to be paid and assets distributed at his or her death; it names a guardian for minor children, and names an executor or personal representative to oversee the settlement of the estate.
Living Trust: Also called a Revocable Trust, this document is a trust that is often used to avoid probate and to manage when children receive their inheritances. This type of trust can be changed or revoked at any time (and from time to time) during the lifetime of the person (called the settlor or the grantor) who set it up.
Power of Attorney: This is a document which names and authorizes a person(s) to make financial decisions and/or transactions for another person (called the principal).
Living Will Declaration: Also called an Advance Directive, this is a document that instructs your physicians and loved ones as to your intentions relative to life support (i.e., artificial nutrition, hydration and respiration), in the event that you are permanently unconscious or have a terminal condition.
Healthcare Surrogate Designation: Also called a Health Care Power of Attorney, this is a document naming a person to make healthcare decisions for another person (called the principal) when the principal is no longer able to do so.
HIPAA Authorization: “HIPAA” is the Health Insurance Portability and Accountability Act of 1996, a federal law that protects a person’s private medical and mental health information. A HIPAA Authorization is a document that designates person(s) who may receive another person’s private medical and mental health information.
Pet Trust: This is a trust that allows a person to provide for their pet after their death. It names a caregiver and a trustee and can be funded during lifetime or at death.
Special Needs Trust: This is a trust that allows a person to set aside funds for a disabled loved one without affecting government benefits. It is a supplemental trust and can pay for expenses that government benefits do not cover.
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