How Can I Legally Protect My Assets From Possible Incapacity?
There are two ways to protect your assets from possible incapacity: a power of attorney and a living trust. We create those things within the living trust itself, giving the power of attorney to whomever you choose.
Who Are The Necessary Parties Involved In An Estate Plan?
The first person we focus on is you, the settler, in your estate plan. If we’re looking at a will, we’re looking at the creator, called the testator, and the person who benefits from the will, called the beneficiary. The person who administers the will in probate court is called the personal representative or the administrator. If you didn’t have a will, the person who has been given the power to act on behalf of you and the living is called an attorney, although this is not an attorney at law. The trustee is the person who will manage your trust and that person can be also the settler or someone else. Then, there are your beneficiaries.
How Often Should We Review Our Estate Plan?
Whenever your situation changes or something happens that may be of significance, you should review your estate plan. For example, you got married, divorced, or had a child. Any life changing event should be examined. I recommend that you take a look at your estate plan at least every year; every six months would be ideal.
For more information on Protecting Assets From Potential Incapacity, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (314) 786-3536 today.
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