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.