A document by which the creator of the document can name another person to have authority to manage the creator's assets following the incapacity of the creator.
Proper planning can assist in minimizing estate taxes.
An arrangement which takes effect during the lifetime of the creator of a trust. A living trust avoids probate on assets, which are titled in the name of the trustee of the trust. As of 1998, the terms of a trust must be revealed to beneficiaries and heirs of the creator of the trust when the terms become irrevocable. The terms usually become irrevocable when the creator of the trust dies. Probate is the process of gathering the assets held in the name of a deceased person, paying the deceased person's debts, and distributing the assets that remain in accordance with the Will of the deceased person or in accordance with the laws of intestate succession if the person left no valid will.