Wills and after-death probate planning are another means by which estates can be managed to minimize tax exposure and ensure disposition of assets according to the client's wishes.
Will preparation includes several documents, each designed to meet a specific goal:
- The Will: The actual Last will and Testament of a client is a stand alone document which provides for the distribution of real and personal property, in a manner which carries out the intent of the client. The Will also appoints personal representatives for probate, trustees for trusts and guardians for minor children.
- Durable Power of Attorney: This document grants to a third person the authority to administer the assets of the client who, because of either physical or mental illness, can no longer administer his or her own assets.
- Special Medical Power of Attorney: This document provides for the care of the client during a medical crises when he or she is unable to make medical care decisions on their own. This document does not deal with financial matters, only with health care matters.
- Living Will: A Living Will instructs physicians whether the client wants heroic life support measures to artificially prolong life when the client has reached a state of terminal illness or injury with no probability of recovery, or whether the client wishes to be allowed to die with the use of adequate pain medication.
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