Features & Documents
Plan Details
Welcome to our Plan Details page, where you can explore the key components of a living trust and other essential estate planning tools. Here, you’ll find detailed explanations of the different plans we offer, including the key documents and provisions involved in creating a comprehensive estate plan. Our goal is to help you understand the options available to secure your assets, protect your loved ones, and ensure your wishes are carried out.
Living Trust Overview
A Living Trust is a legal document that outlines how your assets will be distributed after your death, while also allowing for management of those assets in case you become incapacitated. Unlike a will, a living trust helps avoid the lengthy and costly probate process, ensuring a smoother transfer of assets to your beneficiaries.
Key Features:
Avoids Probate: A living trust bypasses the probate process, saving time and money.
Incapacity Planning: If you become incapacitated, your designated successor trustee can manage your assets without the need for a court-appointed guardian.
Privacy: Unlike a will, which becomes public record, a living trust remains private.
Important Documents Included in the Plan:
Living Will
A Living Will outlines your preferences for medical treatment if you are unable to communicate your wishes due to illness or injury. It ensures your healthcare providers and family members know how you want to be treated in life-threatening situations.
General Power of Attorney (GPOA)
A General Power of Attorney allows someone you trust to make decisions on your behalf, including financial and legal matters, if you become incapacitated. This document gives your agent broad authority over your affairs.
Durable Power of Attorney
Similar to the GPOA, a Durable Power of Attorney continues to be valid even if you become mentally incapacitated. This ensures your financial and legal matters are handled seamlessly if you are unable to manage them yourself.
HIPAA Authorization
HIPAA Authorization allows your trustee or designated agent to access your health information in order to make informed healthcare decisions on your behalf, if necessary.
Trust Provisions Explained
Successor Trustee
A Successor Trustee is the person or institution that will take over the management of your trust if you are no longer able to do so. This person ensures that your trust operates according to your instructions and distributes your assets to the beneficiaries.
Revocable vs. Irrevocable Trust
A Revocable Trust allows you to make changes or revoke the trust at any time while you're alive.
An Irrevocable Trust, once established, cannot be changed or revoked, offering more protection against creditors but with less flexibility.
Beneficiaries
Beneficiaries are the individuals or organizations that will receive assets from the trust upon your death. You can designate multiple beneficiaries and specify how the assets will be divided among them.
Trust Distribution Provisions
These provisions detail how and when your assets will be distributed to your beneficiaries. You can specify lump sum payments, periodic distributions, or conditions that must be met before distribution.
Special Provisions
Special provisions can include specific instructions for your assets, such as charitable donations, special needs trusts, or other unique conditions for how your estate should be managed.
Trustee Powers and Fees
Trustee Powers
The Trustee has the authority to manage the assets in the trust, including selling property, managing investments, and distributing funds. Trustee powers are granted through the trust document and can be broad or limited based on your instructions.
Trustee Fees
Trustees are usually compensated for their work managing the trust. Fees are generally based on a percentage of the trust’s value or as an hourly rate, depending on the complexity of the trust. The trust document should specify what the trustee is entitled to as payment for their services.
So it you want to find out more details about this options, ask here, and when you are ready to set your Living Trust in order, go here.
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