Senior Sense: Wills, Trusts and Living wills – Whats Right for You?
Read any material about estate planning and you may come away confused by the terms and choices. Wills, Living Wills, Probate, Trusts, Living Trusts, Durable Power of Attorney, Medical Durable Power of Attorney – how can you get started if you don’t understand the options? Before you seek legal help get familiar with some of the basics. PROBATE: the legal process in filing a deceased person’s will with the court, taking property inventory, paying legal debts, and then distributing the property. Legal fees are required. WILL: a legal document that gives direction about how you want to distribute your property. It takes effect after your death. If you die without a will in Vermont your spouse will receive all your estate. If you die with a will, anything not held jointly that was left to your spouse or anyone else must be probated. Wills can be contested for years, or overturned. LIVING WILL: a legal tool used to provide instruction on your medical care in the event of incapacitation, il
