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Wills
A will is a document by which a person (the testator or
testratrix)
specifies the rights of others over his or her property or family after
death. This can be a very simple or quite complex document
containing bequests and devises, identifying beneficiaries, naming an
executor or executrix for its administration, setting up trusts, and
specifying other actions to be carried out after death of the testator.
Only a person who dies with a will (testate) can specify the distribution
of his or her property. A person who dies without a will
(intestate) is subject to the state deciding on the distribution of his
or her property.
Codicils
A codicil is a document that amends a previously
executed will. It must be executed with the same care as a will.
A codicil can be used to make minor adjustments or completely change all
the gifts under a will.
Trust
A trust is an arrangement created by a person (the
settlor), to have property managed by a person (the trustee) for the
benefit of another (the beneficiary). Trusts can be created during
a person's life or after death in a will. Trusts create a
fiduciary responsibility owed by the trustee to the beneficiary.
Power of Attorney (POA) and Durable
Power of Attorney
A POA is an authorization by a person (the grantor) for
another person (the attorney-in-fact) to act on behalf of the granter in
legal, personal, or business matters. POA's become ineffective
when the grantor dies or becomes incapacitated. A POA can specify
that it is to remain effective during incapacitations, in which case it
is referred to as a Durable Power of Attorney. A Durable Power of
Attorney is sometimes referred to as a "Health Care Power of Attorney"
and can be used to carry out advance directives, specifying health care
decisions to made during incapacitation of the grantor.
Living Will
A living will is a form of advance directive, specifying
instructions for health care treatment in the event of illness or
incapacitation. A living will typically specifies a Health Care
Representative with a Durable Power of Attorney to carry out the
instructions.
Guardianship
A guardianship is an arrangement whereby a person (the
guardian) has legal authority to care for the personal and property
interests of another person (the ward) who, do to infancy, minor status,
incapacity, or disability, cannot reasonably act on his or her own.
Prenuptial Agreement
A prenuptial agreement is a pre-marriage contract
commonly used to specify the division of property and spousal support in
the event of a divorce or death of one of the spouses. A
postnuptial agreement or post-marriage contract is created by a couple
after the wedding, commonly used to specify the division of property and
spousal support, in the event of divorce or death of one of the spouses.
Estate Planning
Estate planning is a broad area of legal expertise
concerned with satisfying various personal interests and financial goals
during life and after death. Estate planning financial goals
typically include minimizing federal estate tax, inheritance tax, and
gift tax, and satisfying claims. Estate planning personal
interests include care for minor children and dependents, health care
directives, bequests, and avoiding will contests, .
Administrator and Administratrix
An administrator or administratrix is a probate court
appointed personal representative who handles the distribution of
property for someone who dies without a will or with a defective will.
Probate
Probate is a court supervised process following a
person's death that includes proving a will, appointing someone to
handle the estate settlement process, identifying the deceased person's
property, debts, and taxes, locating heirs, settling debts, and
distributing property.
Testamentary Disposition
A testamentary disposition is a transfer of property
that takes place upon death of the transferor. Property that is no
longer available to be transferred upon death is said to be adeemed.
Ademption by satisfaction refers to property that was given to the
transferee prior to the death of the transferor. Ademption by
extinction refers to property that while not given to the transferee, is
no longer part of the would be transferor's estate upon death. A
prospective transferee may disclaim the property subject to the
transfer. Without a qualified disclaimer, as defined by the
Internal Revenue Service, transferee may be subject to federal
inheritance tax.