A power of attorney authorizes one person to act for another person regarding specific legal matters. The person giving the authority for someone else to act on their behalf is called the principal, while the person now authorized to act for the principal is called...
Whether you are considering having a lawyer draft your will, or you’ve already done so and are trying to make sense of it, it is important to understand the four main things that a will accomplishes. 1. Asset Distribution: perhaps the most well-known function of...
A will covers all probate assets. Probate assets are those that are solely owned, and which do not have a designated beneficiary. For example, your prized fishing poles. Assuming you are the sole owner, those are probate assets, (i.e., they will have to go through the...
Imagine a jar. Now imagine putting a toy car into the jar. Imagine putting monopoly money into it. And a toy house. Essentially, that’s a trust. Obviously, the toys represent an actual car, house and money. A trust is an entity created by a settlor (person...
The principal residence often represents the largest asset in an estate. Although the sale of a residence after the owner’s death can generate a substantial cash gift for beneficiaries of the estate, in many cases the residence must still serve as the home by one or...