Critical Estate Documents

Fast Fact: Without a Will. Half of Americans admitted they don’t have any of the most basic estate planning documents in place. That includes a will, a living will, and financial and medical powers of attorney. Source: Forbes, March 1, 2010

 Joint OwnershipDurable Power of AttorneyLiving Trust
What does it do?Enables you to own property jointly with another personAuthorizes someone to handle legal and financial decisions if you become incapacitatedHolds your belongings until your death
Can it authorize someone to handle your financial affairs if you are unable to communicate?Generally, noYesGenerally, no
Can it specify how you want your belongings transferred after your death?Yes, but only those belongings owned jointly
Generally, noYes
Is it private?YesYesYes
When does it go into effect?As soon as joint ownership is recordedEither immediately or upon a specific trigger event (such as your incapacity)When the document is signed and the trust is funded
Does it require court involvement?NoNoNo

Contact Us

Looking for more information? Please call 573-355-9524.