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Estate planning is about more than distributing assets. It includes end-of-life decisions, healthcare directives, and naming trusted individuals to manage your finances if you're unable. Intelligent Life Strategies ensures all aspects of your plan are covered. There are many types of plans but here are some of the most common plans:
Estate planning is about more than distributing assets. It includes end-of-life decisions, healthcare directives, and naming trusted individuals to manage your finances if you're unable. Intelligent Life Strategies ensures all aspects of your plan are covered. There are many types of plans but here are some of the most common plans:
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Wills
Wills
A will is a legal document that outlines your wishes for how your assets and property should be distributed after yoru death. It allows you to specify who will receive your belongins, including moeny, real estate, and personal items, and can also include instructions for other important matters like guardianship for minor children.
Trusts
Trusts
A trust is a legal arrangement where one party (the trustor or grantor) gives control of their assets to another party (the trustee) to manage on behalf of a third party (the beneficiaries). The primary purpose of a trust is to ensure that the assets are distributed according to the trustor’s wishes, often in a way that avoids the probate process, minimizes taxes, or provides ongoing care for beneficiaries. It is also an important legal arrangement in cases of unavailability; for example when you need matters handled by a trustee when you are out of the country or hospitalization (for example a nursing home admittance). There are several types of trusts and every trust is customized to a person's needs.
Power of Attorneys
Power of Attorneys
A Power of Attorney (POA) is a legal document that allows you (the principal) to give someone else (the agent or attorney-in-fact) the authority to act on your behalf in specific matters, such as managing your finances, making medical decisions, or handling legal matters. The POA is an important part of estate planning, as it can ensure that someone you trust can manage your affairs if you're unable to do so yourself due to illness, injury, or incapacity.
Advance Directive
Advance Directive
An advance directive is a broader legal document that outlines your healthcare preferences, including decisions about end-of-life care, medical treatments, and appointing someone to make healthcare decisions on your behalf if you’re unable to make them yourself.
Living Will
Living Will
A living will is a specific type of advance directive focused on medical decisions at the end of life. It details your preferences for life-sustaining treatments if you’re in a terminal condition, coma, or persistent vegetative state and unable to make decisions for yourself.
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