Estate Planning - the Basics, from Black & McGhee, A. P. L. C.:
- Revocable living trust - this document is a probate avoidance device which you NEED if you reside in CA and have real property or assets over $150,000. It's a place for you to lay out wishes and determine who gets your money when you die. It is referred to as "revocable" because it can be changed at any time and is called a "living" trust because you make these changes during your lifetime.
- Pour over will - a document which directs your administrator to follow your directions in your revocable living trust. It allows your appointed trustee to pour over left behind property and possessions from your will into your trust on your behalf, should something happen to you. It takes items that were left out of your will and pours them into your trust for you.
- Enhanced POA - this document allows someone to act for you when you are unable to do so for yourself. If you are in an accident or get dementia, this document allows someone of your choosing to pay your bills and manage your affairs. By choosing our firm, you will get an "enhanced POA" which allows for flexibility planning for your long term care needs if you become unable to do so.
- Advanced Health Care Directive (ADHD) - this document allows someone to make medical decisions when you are unable to do so. It also sets out your specific end of life wishes and decisions.