If you have not done much research into the subject you may hear some estate planning terms and make assumptions that are incorrect. There are similar terms that can be confusing and we would like to provide some clarifications regarding three commonly utilized estate planning instruments.
The most commonly used estate planning document is the last will. This is of course utilized to express your wishes with regard to the distribution of your property after you pass away.
A lot of people have heard of the fact that there is a document that you can execute to set aside financial resources for the benefit of others while you are still alive. Some individuals have heard of the term ?living will? and assume that this must be the document.
In fact, it is a living trust that is utilized to act as a vehicle of asset transfer. These trusts are usually created by people who want to arrange for the distribution of resources to family members outside of the process of probate, which can be costly and time-consuming.
What a living will is intended to achieve involves medical matters. People can sometimes be kept alive indefinitely via the use of artificial means when there is no hope of recovery. With a living will you state your wishes regarding these medical procedures.
The best way to wade through all the intricacies of estate planning is to enlist professional advice. If you are ready to do so, pick up the phone right now to arrange for a consultation with a licensed and experienced Sarasota estate planning lawyer.
Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.
Tags: Estate Planning, Trusts, Wills
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Source: http://www.co-executor.com/blog/wills-living-trusts/confused-estate-planning-terms/
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