Revocable trusts require the grantor's property and assets to be retitled and redeeded to the trust.
The grantor retains the right to change and revoke the trust at any time. This right is unique to revocable trusts.
Assets placed into an irrevocable trust cannot be taken back by the grantor.
The grantor is entitled to all trust income, such as interest and dividend payments.
The grantor can change the trustee at any time.
A living trust is a legal device that establishes how your property is to be transferred upon death, and it goes into effect during your lifetime. The grantor, who puts his property into the trust, assigns a trustee to administer the trust on behalf of a beneficiaries.
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Durable Power of Attorney
· A durable power of attorney simply means that the document stays in effect if one becomes incapacitated and unable to handle matters on one's own.
Special Power of Attorney
· You can specify exactly what powers an agent may exercise by signing a special power of attorney. This is often used when one cannot handle certain affairs due to other commitments or health reasons. Selling property (personal and real), managing real estate, collecting debts, and handling business transactions are some of the common matters specified in a special power of attorney document.
General Power of Attorney
· A general power of attorney gives broad powers to a person or organization (known as an agent or attorney-in-fact) to act in one's behalf. These powers include handling financial and business transactions, buying life insurance, settling claims, operating business interests, making gifts, and employing professional help. General power of attorney is an effective tool if you will be out of the country and need someone to handle certain matters, or when you are physically or mentally incapable of managing your affairs. A general power of attorney is often included in an estate plan to make sure someone can handle financial matters.
Health Care Power of Attorney
· A health care power of attorney grants your agent authority to make medical decisions for you if you are unconscious, mentally incompetent, or otherwise unable to make decisions on your own. While not the same thing as a living will, many states allow you to include your preference about being kept on life support.
A living will, (advance directive), is a legal document that provides instructions regarding the medical care that a given person wishes to receive if he or she becomes incapacitated or seriously ill and cannot communicate their preferences themselves.
The details of living wills often include considerations such as whether the person would like life-sustaining medical treatments or feeding and breathing tubes to be used.
An attorney-in-fact is named in a living will (advance directive) to represent the interests of the living will’s owner. Through a power of attorney, this agent communicates with doctors and other medical personnel regarding the person’s wishes.