WILLS AND TRUSTS
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Wills
Will is a document which provides the manner in which a person’s property will be
distributed after death
Living Wills
A living will is a legal document that a person uses to make known his or her wishes
regarding life prolonging medical treatments.
Living Trust (Revocable Trust)
a type of trust that can be changed at any time. In other words, if you have second
thoughts about a provision in the trust or change your mind about who should be a trust
beneficiary or trustee, then you can modify the terms of the trust through what is called
a trust amendment.
Irrevocable Trust
A trust that can't be modified or terminated without the permission of the beneficiary.
Special Needs Trust
created to ensure that beneficiaries who are disabled or mentally ill can enjoy the use of
property which is intended to be held for their benefit.
Spendthrift Trust
An arrangement whereby one person sets aside property for the benefit of another in
which, either because of a direction of the settlor (one who creates a trust) or because
of statute, the beneficiary (one who profits from the act of another) is unable to transfer
his or her right to future payments of income or capital, and his or her creditors are
unable to subject the beneficiary's interest to the payment of his or her debts.
Power of Attorney
A written document in which one person (the principal) appoints another person to act
as an agent on his or her behalf, thus conferring authority on the agent to perform
certain acts or functions on behalf of the principal.
Health Care Proxy
The New York Health Care Proxy Law allows you to appoint someone you trust,
for example, a family member or close friend – to make health care decisions for you if
you lose the ability to make decisions yourself.
Elder Law
easy to understand, timely information about Medicaid planning and eligibility, nursing
home law, and all other issues pertaining to elder law.
Guardianship Proceedings
authorizes a court to appoint a guardian to manage the personal and/or financial affairs
of a person who cannot manage for himself or herself because of incapacity
Off-Shore Investments
refers to a wide range of investment strategies that capitalize on advantages offered
outside of an investor's home country