There are some foundational elements that are typically contained within estate plans in the United States and we would like to take a look at three very basic terms here to provide our readers with a rudimentary foundation.
Most people are aware of the fact that a last Will (or last Will and testament) is utilized to express your final wishes with regard to how you would like to see your assets distributed after your passing. However, there are some other types of wills that are used in the field of estate planning as well.
One of these is the ethical will, and interestingly enough this is not a legally binding document. Ethical wills are utilized to pass along your spiritual and moral values to succeeding generations, and they actually date back to biblical times.
There is also the living Will, and it fits under the next category.
Advance Health Care Directives
These documents express your wishes with regard to certain health care decisions. For the most part two advance health care directives are recommended: a living will as mentioned above and a durable medical power of attorney.
With a living Will you express your choices regarding medical procedures such as the implementation of artificial life-support measures. Durable medical powers of attorney are used to empower someone of your choosing to make medical decisions in your behalf.
There are various different types of trusts that are commonly utilized, and they are typically comprised of a grantor who creates the trust; a beneficiary who receives assets out of the trust; and a trustee who administers the resources in accordance with the trust agreement.
Should you be interested in learning about these and other estate planning tools in detail, don’t hesitate to pick up the phone to arrange for a consultation with a Hartford estate planning lawyer.