How Can a Will Safeguard Your Wealth for Family?
How do estate-planning documents fit together? Estate attorney Andrew Dósa explains: a will names your executor and beneficiaries and covers assets outside a trust, which pass through probate. A revocable living trust manages assets during life. An advance health-care directive (with a living will and DNR) and a durable financial power of attorney handle decisions if you're incapacitated.
Excerpt summaries from the video and transcripts · how we make them
Answered by Andrew Dósa · Tacoma, WA and Oakland, CA
Highlights
— the core documents: will, powers of attorney, living will, living trust
— what a will really is: your declaration of who gets what
— how a living trust works and stays revocable in your lifetime
— the advance directive that states your care wishes
— the durable financial power of attorney and what it covers
Frequently Asked Questions
How do estate-planning documents fit together?
A will names your executor and beneficiaries and covers assets outside a trust, which pass through probate.
What is a will, really?
Your declaration of who gets what—it directs your executor and identifies your beneficiaries.
How does a living trust work?
A revocable living trust manages your assets during life and stays revocable, so you can change it at your pleasure.
What is an advance directive?
It states your care wishes—paired with a living will and DNR—so your instructions are known if you can't speak for yourself.
What does a financial power of attorney cover?
A durable financial power of attorney lets someone handle your financial affairs if you become incapacitated.
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