A power of attorney gives authority to someone else to sign your name for you. In order to sign a power of attorney, you have to be over eighteen and legally competent. If you sign a power of attorney, you are still able to make your own decisions and conduct whatever business you choose. If a person is not competent to make their own decisions, or is young, a judge may appoint someone – the Guardian – to have legal responsibility for the incompetent person (called the “Ward”). The Guardian acts instead of the ward..

Whether or not you need a trust depends on a lot of factors, one of the most important being what your objectives are for your estate plan.

A Will allows you to say who inherits your money and property after your death. Without a will, if you die owning anything by yourself – no co-owner, no beneficiary – then State law will determine who gets it. The law may not give it to the people you would want to get it. A lot of people have gotten bad information about what will happen if they don’t have a Will. Be sure you get your information from a qualified attorney in your state.

A Living Will, also called “advance directive” lets you put in writing what your wishes are for end-of-life care. A Last Will and Testament doesn’t do anything until after your death, and its purpose is to say who inherits from you.

Probate costs add up because the court controls every step. The process involves filing fees, attorney fees, appraisals, and required notices. The court reviews each action, which slows things down and increases hours billed. If the estate owns real property or multiple accounts, the workload grows and so do the costs. Families often spend more time and money in probate than they expect because the process leaves little room to move quickly or simply

Use a Living Trust or a properly structured Will that leaves assets to your daughter in a separate property arrangement. This keeps her inheritance in her name only. If she later commingles it, her spouse might gain access. Strong planning keeps her protected.

No. You only need to state your decision clearly in your Will or Trust. A token amount is not required. Clear language avoids confusion and limits disputes.

Not unless you legally name them as beneficiaries. Stepchildren do not inherit by default. You must include them in your Will or Trust if you want them to receive anything.

A standard Living Revocable Trust does not change your income tax situation. You report income the same way you always have.

A Living Revocable Trust leaves you in full control. You keep ownership during your lifetime and you decide how and when to use your money.