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  • Brianna Giliberto-Hermann

WHAT IS THE FUNCTION OF EACH MAJOR ESTATE PLANNING DOCUMENT?


The documents of an Estate Plan each work together to protect your legacy by preserving your voice, assets, and family. A typical trust-based Estate Plan includes the following:


REVOCABLE TRUST

Like the names suggests, this trust is able to be revoked or changed at any time for as many times as you would like throughout your lifetime. You have this power for as long as you have breath in your lungs and the mental capacity. This document will include a “Schedule of Assets” which will list the items within the trust estate.

Please note: There are specific rules that must be followed in order for any changes to be legally effective, please contact the attorney if you want changes to be made in the future.


IRREVOCABLE TRUST

An irrevocable trust cannot be changed after it has been created unless very specific circumstances exist.


CERTIFICATION OF THE TRUST BY THE TRUSTEE

This document will be addressed to “ALL BANKS, SAVINGS AND LOAN ASSOCIATIONS, MUTUAL FUNDS BROKERS, TITLE INSURERS, TRANSFER AGENTS, AND OTHER PERSONS AND INSTITUTIONS.” It is useful when trying to obtain a mortgage, open new bank accounts, etc. in the name of the trust. It lists the essential terms and certifies the trust’s authority without revealing the private details contained within the full trust document. However, some companies will require seeing the entire trust.


DECLARATION OF THE TRUST OWNERSHIP OF PERSONAL PROPERTY

This declaration simply states that all of your personal property is a part of the trust estate and shall be distributed according to the trust.

POUR OVER WILL

A Pour-Over Will takes any property left outside of a trust and pours it back into the trust. It acts as a safety-net just in case it is needed during the administration of the trust estate.

Additionally, if you have any minor children, you will be able to appoint guardians for them.


DURABLE POWER OF ATTORNEY FOR HEALTH CARE and HIPAA DISCLOSURE AUTHORIZATION

This document will allow your agent to make decisions regarding your health, medical treatment, and post-life care only according to your wishes as they are written.


DURABLE POWER OF ATTORNEY FOR PERSONAL PROPERTY AND ASSET MANAGEMENT

This document will allow your agent to pay your bills, manage your assets, and care for your pets when you are unable to do so yourself.


If you would like further information, please contact the Law Office of Brianna J. Giliberto-Hermann by calling (626) 391-8277.

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