Legal Glosssary:

• Declaration of Trust (i.e., Living Trust) – Lets your family inherit your house, cars and life savings without going through probate court (government involvement)
• Certification of Trust – A shorter version of your Living Trust, primarily used to transfer property into your trust document
• Pour Over Will(s)
  • States that all property at the time of death shall be transferred to the Trustee of the trust. Example, an inadvertent failure to transfer real property to the Trust
  • Leave property
  • Name guardian to care for children
  • Name Executor (personal representative) and an alternate Executor
  • Forgive debts to others
• Power of Attorney for Financial Management:
  • If you are elderly or in poor health, you may be concerned about who will handle your day-to-day financial matters
  • A durable power of attorney gives a person you choose legal authority to manage your property on your behalf if you become incapacitated
• Advanced Healthcare Directive (aka Power of Attorney for Healthcare):
  • If you are concerned about the kinds of medical treatment you may receive at the end of your life.
  • Other issues concerning your natural death
  • Consider appointing someone to carry out your wishes HIPAA
  • Authorize use or disclosure of protected health information
• Amendment and Restatement of Declaration of Trust – Type of document created to completely amend and restate an existing trust document.
• Will for a Single – A legal document that communicates a person’s final wishes, as pertaining to possessions and dependents. Also, name a guardian for minor child(ren).
• Wills for a Couple – A legal document that communicates a person’s final wishes, as pertaining to possessions and dependents. Also, name a guardian for minor child(ren).
• Amendment of Declaration of Trust – An addition or supplement that explains, modifies, or revokes a Declaration of Trust or part of one.
• Codicil of a Will – An addition or supplement that explains, modifies, or revokes a will or part of one.
• Trust Transfer Deed – Convey or transfer (property or rights) into or out of a Living Trust.
• Grant Deed – Convey or transfer (property or rights) with guarantee of title.
• Quitclaim Deed – Convey or transfer (property or rights) without guarantee of title.