CENTRAL FLORIDA | VOL . 5
A COMPLETE ESTATE PLAN INCLUDES SEVERAL DOCUMENTS:
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POWER OF ATTORNEY
MEDICAL CARE DIRECTIVE
A durable power of attorney allows a person of your choosing to handle financial, legal and other matters if you are otherwise incapacitated. It remains in effect until death or revocation.
A living will specifies your wishes for medical care. A medical power of attorney gives authority to a trusted person to make decisions if you are unable.
REVOCABLE LIVING TRUST
WILL
A revocable living trust is an instrument that allows the owner (grantor) of assets to establish a trust for beneficiaries with the help of a trustee. You can be your own trustee with an alternate upon death or incapacity. This document can be amended or revoked as needed. The most important aspect of a trust is that your assets avoid time consuming and expensive probate.
A will, though desirable, is not essential if you have a revocable trust. The main reason to write a will is to include assets which may not be included in one’s trust. A will is meant to simplify things. You can designate child custody and also the recipients of your most valuable possession, such as cars, jewelry or other personal items.
