Name
of the
Document |
Owner
of the Document |
When the Document is Used |
Purpose of the Document |
When Document Becomes Effective |
| General Power of Attorney |
Principal |
During the Lifetime of the Principal, except when the Principal is disabled or incapacitated.
|
To empower an Agent ("Attorney-In-Fact") to make financial decisions for the principal, for the powers as enumerated in the document. |
The document is effective and can be used from the date of signing.
|
| Durable Power of Attorney |
Principal |
During the Lifetime of the Principal, including when the Principal is disabled or incapacitated. |
To empower an Agent ("Attorney-In-Fact") to make financial decisions for the principal, for the powers as enumerated in the document. |
The document is effective and can be used from the date of signing.
|
| Springing Power of Attorney |
Principal |
During the Lifetime of the Principal, once the Principal is determined to be unable to handle his/her affairs in a competent manner. |
To empower an Agent ("Attorney-In-Fact") to make financial decisions for the principal, for the powers as enumerated in the document.
|
The document is effective from the date of signing, but the Agent can only act after the required certification.
|
| Last Will and Testament |
Testator (for a man)
Testatrix (for a woman)
|
After the Testator's / Testatrix's Demise |
A Last Will and Testament is a document to set forth how the Testator/Testatrix desires to distribute his/her assets after demise.
Testamentary Trusts within a Will can be used for tax planning purposes, minors, spendthrifts and to protect the inheritance of a person with special needs. |
The document is effective from the date of signing, but is only proved after the person passes away.
|
| Revocable Living Trust |
Grantor,
Settlor,
Trustor,
Creator |
During and after the Lifetime of the Grantor
|
A Revocable Living Trust is designed for asset management during the Grantor's lifetime, the avoidance of probate and the distribution of the Grantor's Estate after his or her demise.
A Revocable Living Trust does not protect assets if the Grantor applies for Medicaid.
Testamentary Trusts within a Trust can be used for tax planning purposes, minors, spendthrifts and to protect the inheritance of a person with special needs. |
The document is effective from the date of signing. A Living Trust needs to be funded so that the Trustee can have assets with which to start the desired planning.
|
| Irrevocable Living Trust |
Grantor,
Settlor,
Trustor,
Creator
|
During and after the Lifetime of the Grantor
|
An Irrevocable Living Trust is designed for asset management during the Grantor's lifetime, the avoidance of probate and the distribution of the Grantor's Estate after his or her demise.
An Irrevocable Living Trust can be used to (i) protect assets if the Grantor applies for Medicaid, (ii) minimize Estate taxes, (iii) guarantee and preserve an amount, (iv) protect an amount for a beneficiary with creditor problems.
Testamentary Trusts within a Trust can be used for tax planning purposes, minors, spendthrifts and to protect the inheritance of a person with special need. |
The document is effective from the date of signing. A Living Trust needs to be funded so that the Trustee can have assets with which to start the desired planning.
|
| Irrevocable Life Insurance Trust |
Grantor,
Settlor,
Trustor,
Creator
|
During and after the Lifetime of the Grantor
|
An Irrevocable Life Insurance Trust is used to hold title of a Life Insurance Policy, so that the value is excluded from the Grantor's Estate for Estate Tax and creditor purposes
.
Testamentary Trusts within a Trust can be used for tax planning purposes, minors, spendthrifts and to protect the inheritance of a person with special needs.
|
The document is effective from the date of signing, but needs to be funded with a life insurance policy.
|
| Minor's Trust |
Grantor,
Settlor,
Trustor,
Creator
|
During and after the Lifetime of the Grantor |
This Trust is frequently established by parents, grandparents & relatives of a minor person, when they desire to make a gift to the minor, but with contingencies.
The contingencies range from the age at which the Minor is to receive the funds, the manner in which the funds may be used, and to protect the monies from spendthrifts & creditors.
A Minor's Trust can be established as a stand-alone Trust, or as a Sub-Trust under a Will, Revocable or Irrevocable Trust. |
The document is effective from the date of signing. The Trust needs to be funded so that the Trustee can have assets with which to start the desired planning.
|
| Special Needs Trust |
Grantor,
Settlor,
Trustor,
Creator |
During and after the Lifetime of the Grantor |
A Special Needs Trust is designed to hold assets for a person with a severe and chronic or persistent disability, or anyone who may have special needs.
A Special Needs Trust can be established as a stand-alone Trust, or as a Sub-Trust under a Will, Revocable (except for spouse-to-spouse) or Irrevocable Trust (except for spouse-to-spouse).
A Special Needs Trust can be set up for a loved one; if someone wants a Special Needs Trust for themselves with their own funds, then the Trust must be created by a parent, grandparent, Court or Guardian. |
The document is effective from the date of signing. A Special Needs Trust needs to be funded so that the Trustee can have assets with which to start the desired planning.
|
| Spendthrift Trust |
Grantor,
Settlor,
Trustor,
Creator
|
During and after the Lifetime of the Grantor
|
A Spendthrift Trust is used to secure funds for the benefit of a person who has creditor problems, difficulty managing monies, potential divorce problems, etc.
A Spendthrift Trust can be established as a stand-alone Trust, or as a Sub-Trust under a Will, Revocable or Irrevocable Trust. |
The document is effective from the date of signing. A Special Needs Trust needs to be funded so that the Trustee can have assets with which to start the desired planning.
|
| Pet Trust |
Grantor,
Settlor,
Trustor,
Creator
|
During and after the Lifetime of the Grantor |
A Pet Trust can be established to set aside funds to care for one's pets if the person becomes incapable of providing such care, or passes away.
A Pet Trust can be established as a stand-alone Trust, or as a Sub-Trust under a Will, Revocable or Irrevocable Trust. |
The document is effective from the date of signing. A Living Trust needs to be funded so that the Trustee can have assets with which to start the desired planning.
|