Camille M Quinn P.C. - Attorney At Law

Estate Planning - What Do You Need?

Below are definitions of some ofthe terms used in Estate Planning.

LAST WILL & TESTAMENT: A will is a document that instructs the Court how to distribute your assets after your death. Parents may use wills to nominate guardians. The Court has the authority to accept the will as written, appoint guardians, or disallow a will as invalid.

REVOCABLE TRUST: Trusts are created to own assets on behalf of individuals or couples. Individuals who establish trusts lose none of their rights, powers or control. Because trusts are not usually subject to Probate, surviving partners do not go to Court, the content is not a matter of public record. The process after a death is private, less invasive, and less expensive.

DIRECTIVE TO HEALTH CARE PROVIDERS AND POWERS OF ATTORNEY FOR HEALTH CARE: Written documents give "non family members" the right to join their loved one during a time of crisis, such as in the hospital. A companion document to such a directive is a power of attorney for health care. This is a specific type of power of attorney in which the principal (the person signing the document) grants the agent (the person being given power of attorney) the power to make medical decisions.

 

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Common Questions

1. Since I have a will, my estate won't go through probate, right?

No, a will guarantees probate. Probate is the court supervised process of distributing your assets to the person(s) you have designated in your will.

Wills can be challenged and may be overturned in Court. However, a trust is excluded from this Court process.