Brief Description of Document Types

Wills: A document which directs how a person’s estate will be distributed upon death: a Will is prepared to provide, among a variety of provisions, individual preference for distribution of assets, individual choice of personal representative, efficient distribution to minors, direct a priority for the entitlement to appointment as guardian, indicate individual preference as to anatomical gifts/organ donations, funeral arrangements, and to facilitate the probate process.

Codicil: A codicil is an addition to a Will which explains or “qualifies” the Will (e.g. “Second Codicil” if a Will has been amended). When admitted to probate, the codicil becomes a part of the Will.

Testamentary Trust: When used, a Testamentary Trust is part of a Will and does not take effect until after the person who drew up the Will dies. Parents can change the Trust's terms any time the Will is changed. So, if the intended beneficiary should die first, the Will and Trust can change. Tax-wise, this kind of Trust does not require the person to file or pay income tax on it since there are no funds in it until after that person dies.

Living Trusts: A Living Trust is one set up while one is still living; it establishes a means to set aside certain assets. Living trusts are either revocable or irrevocable. The assets of a Living Trust are considered taxable income of the grantor. There is no income or estate tax advantage in establishing a Living Trust. However, the grantor may serve as the trustee of the Trust and manage its finances.

Advanced Medical Directive (also known as a Living Will): Allows for one to state their wishes at a time when they may have no voice (e.g., coma). It will include the wishes of the creator to determine what medical procedures they would like to undertake (e.g., life support measures, do not resuscitate, etc.) in any given medical emergency or situation.

Power of Attorney for Health Care:  A POA for Health Care allows you to choose the individual(s) who will work in conjunction with your health care provider(s) in the event of your physical or mental incapacitation or incompetency in directing your continuing health care.

Durable General Power of Attorney: This document gives power to another (“attorney-in-fact”) to perform the duties of the creator while they are incapacitated or otherwise unavailable. A durable general power of attorney can be used to manage the financial affairs of an absent or incompetent person in lieu of a living trust or a guardianship. A General POA is not used for decision making for health care purposes.

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Simple Wills

Wills with Testamentary Trusts

Durable General Power of Attorney