Wills, Trusts and Estate Planning
A will is a fundamental component of estate planning. It is the legal document that charges an Executor or Administrator with distributing a person’s assets after he or she passes away.
A trust can be created to have a third party hold property for the benefit of the beneficiary. Common examples of trusts include living trusts and testamentary trusts.
Estate planning is a broader term encompassing all aspects of your estate. A few examples of estate planning documents include:
- Durable Power of Attorney
- Medical Power of Attorney
- Directive to Physician (or Living Will)
- Living Trust Irrevocable Life Insurance Trust (ILIT)
- Special Needs Trust
- Testamentary Trust
- Declaration of Guardian for Minor Children
- Premarital Agreements
Depending on the size and nature of your estate and your wishes for your assets, an estate plan that is designed to achieve your goals may contain many complex components. The experienced attorneys at Hrbacek Law Firm will help you understand these components and protect the interests of you and your family.