No one likes to think about one’s own death. However, planning ahead can help your family avoid unnecessary complications, delay, and expense. Understanding the following estate planning terms is the first step toward planning your estate. Presently, Estate planning...
A power of attorney is the grant of legal rights and powers by a person, the “principal,” to another, the “agent” or “attorney-in-fact.” The attorney-in-fact, in effect, stands in the shoes of the principal and acts for him or her on financial and business matters....
Probate is the process by which a deceased person’s property, known as the “estate,” is passed to his or her heirs and legatees (people named in the will). The entire process, supervised by the probate court, usually takes about a year to eighteen months. However,...
A legal trust is a separate legal entity for holding and investing property. These legal trusts (The “trustee”) hold property, usually real estate or investments, for the benefit of another or other people (the “beneficiary”). The person who gives the property for the...
Guardianship is a legal relationship whereby the Probate Court gives one person (the guardian) the power to make personal and financial decisions for another (the ward). Some states have separated guardianship into two roles—guardianship or power over the person, and...
