Here are some of the most common legal contracts used in estate planning and a brief explanation of each
A Last Will and Testament is a legal document that outlines an individual's final wishes regarding the distribution of their assets upon their death. It can also be used to name guardians for minor children and appoint an executor to manage the estate.
A Revocable Living Trust is a legal document that allows an individual to transfer ownership of their assets into a trust while they are still alive. This can help simplify the probate process and ensure that assets are distributed according to the individual's wishes.
A Durable Power of Attorney is a legal document that designates a trusted individual to make financial decisions on behalf of an individual in the event that they become incapacitated or unable to make decisions for themselves.
A Health Care Power of Attorney is a legal document that designates a trusted individual to make medical decisions on behalf of an individual in the event that they become incapacitated or unable to make decisions for themselves.
A Living Will is a legal document that outlines an individual's wishes regarding end-of-life medical care, such as whether or not they want to be kept on life support if they are in a vegetative state or terminally ill.
An Irrevocable Life Insurance Trust is a legal document that allows an individual to transfer ownership of their life insurance policy into a trust, which can help reduce estate taxes and protect the value of the policy for beneficiaries.
A Family Limited Partnership is a legal entity that allows family members to pool their assets together into a partnership, which can help reduce estate taxes and protect assets from creditors.
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