What is a Will?
A Will is a legal document, commonly referred to as the Last Will and Testament, prepared by an individual (the Testator) prior to death which details the Testator’s desires concerning distribution of Testator’s property upon death.
Who should prepare a Will?
Every adult should have either a Will or a Trust. Otherwise, the State in which you reside at the time of your death can determine how (and to whom) your property is distributed.
Does a Will have to be notarized?
No. However, a Will must be properly executed and witnessed.
How long is a Will valid?
A Will remains valid until it is revoked by the Testator.
What is a Living Will?
A Living Will lets you outline important healthcare decisions in advance, such as whether or not to remain on artificial life support. It also allows you to appoint someone you trust to make critical health care decisions on your behalf (in the event that you are unable to do so).
What is a Trust?
A Trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a settlor (aka trustor), who transfers some or all of settlor/trustor’s property to a trustee. The trustee holds that property for the trust’s named beneficiaries.
What is a Power of Attorney?
A power of attorney is a written authorization to act on another’s behalf in private affairs, business, or some other legal matter. The person authorizing the other to act is the “principal”. The one authorized to act is the “agent”.
What is a Durable Power of Attorney?
The standard Power of Attorney is invalidated upon either the death or incapacitation of its creator (principal). Whereas, a Durable Power of Attorney, unless revoked, remains operative until its principal’s death (or revocation).
Can a Power of Attorney be revoked?
Yes. It should be noted that a standard Power of Attorney is only valid during the lifetime of its principal (i.e., the person who created the Power of Attorney).