08-13-2006, 03:13 AM
There are three basic instruments that just about everyone should have. Each one performs a different function. First just a regular will, i.e. one that deals with property and assets. Next a living will or durable medical power of attorney which is health related and basically an instrument which states what you want to happen if you become incapacitated. Finally the living trust is primarily important as a device to avoid probate. It doesn't help you to avoid estate taxes just probate. If the assets are fairly low (less than $500,000), you might be able to get by without the living trust. There are other things you can do like Pay On Death for most bank accounts, CDs etc. For real property in some cases you can use Joint Tenancy, but you must be careful about what are called Basis rules.
There has been a lot of previous discussion on this and some people say it is necessary to get an attorney to do all this. Some of it can be done on your own, but it just depends on what you feel comfortable with.
There has been a lot of previous discussion on this and some people say it is necessary to get an attorney to do all this. Some of it can be done on your own, but it just depends on what you feel comfortable with.