POA, Living Will, Inter Vivos Trust? These are just a few of the confusing terms used in estate planning. Below are some commonly used terms. For the rest, you’ll find a link to a comprehensive estate planning glossary at the end of the article. It may be more than you want to know right now, but when you need it you can always find it in the Wills, Trusts & Estate Plans category at Habilinks Guide. Potential Components of An Estate Plan Estate Planning Documents Beware of “do-it-yourself” forms. Requirements change and vary by state. Do your loved ones a huge favor and do it right. Consult an estate lawyer. Durable Power of Attorney for Finances AKA POA for Finances, Attorney-in-Fact, Power of Attorney for Asset Management, Power of Attorney for Property & Personal Affairs. A legal document that allows someone else to make property and financial decisions on your behalf if you become unable to make them yourself. Irrevocable Trust A trust that cannot be amended or revoked once it is created without the consent of the beneficiaries, trustees and grantors. Pour Over Will A will used in conjunction with a revocable trust to pass title at death to […]
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