Often times, people are adamant about using a Will instead of a Land Trust. The reasoning behind that is because many people simply don’t know what a Land Trust is, and the many advantages of placing their property in a Land Trust. We challenge you to educate yourself on Land Trusts and let us help you establish a proper estate plan. Also, everyone needs Power of Attorney documents for healthcare and durable, The Law Offices of Theodore London includes BOTH Power of Attorney documents in the Estate Planning package.
Land Trust – documentation used to simplify the transference of real estate upon one’s death. There are three important elements to a Land Trust:
The beneficial owner (the current owner(s) of the property)
The holder of the power of direction (the party with the power to direct the trustee to act)
The contingent beneficiary (the party who will inherit the property upon the owner’s death)
Healthcare Power of Attorney – A Power of Attorney for Healthcare document allows a person, called the principal, to delegate another person, called the agent (a trusted friend or family member), the power to make decisions regarding healthcare that the principal is unable to make. The agent, who does not need to be an attorney, will speak for the principal and make decisions according to the principal’s wishes even when the principal is physically or mentally incapacitated.
Durable (Property) Power of Attorney – A Power of Attorney for Property is a way for you to decide in advance who will handle, your financial affairs if you are not able to act on your own in the future. Executing this document will save your family from the burden of having to make financial decisions without knowing your wishes. It gives you (rather than for courts) more control over your life. For example, you may want to have the power to authorize real estate and stock transactions; to handle banking, tax or other types of business matters; to represent you in court; or to address other types of legal claims.
With these three documents, you can solidify your family’s future without the interruptions of probate court.