Estate planning is very critical, no matter how minimal your estate may be. It permits you, while you are still living, to guarantee that your assets will go to the individuals you want, in the way you wish, and when you desire. It allows you to save as much as possible on taxes, court fees and lawyers' costs, and it affords the comfort that your family members can mourn your passing without being simultaneously burdened with redundant red tape and asset confusion.
All estate plans should include, at minimum, two vital estate planning points: a will and a durable power of attorney. The first is for maintaining your estates during your life, in case something happens that renders you unable to do so yourself. The second is for the management and distribution of your assets after your passing. In addition, more and more, individuals also are taking advance of revocable trusts, also known as living trusts, to evade probate and to manage their property both during their lives and after they have passed on.
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A power of attorney may also be general or restricted.
A limited power of attorney may give a loved one the right to sign a deed to real estate on a day when you are not in town. Or it may permit an individual to sign checks for you.