Fundamental Terms:
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Will: Last Will and Testament can designate what assets you with to be divided.
Essentially it is a way to ensure your wishes are followed regarding your possessions
after you are gone. Wills must go through probate for asset distribution. (see Probate)

Probate: Is a legal process in which a Will is processed in a specific court. (If there is no
Will court decides asset distribution). It can be quite costly with Fees; for attorney, court,
appraisals, PR, and lengthy holding periods required by law. Wills can be contested and
wishes not granted by the testator in this process, causing further delays in the process.
Probate is a public process.

Trust:  A trust is a fiduciary arrangement where a trustee holds and manages assets on
behalf of beneficiaries, according to your instructions. Trusts can continue and function after
your death. The advantage of a Trust, it by passes probate, saving money and tax liability.
This is a private process.
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Power of Attorney: A legal document that authorizes a representative named (attorney-
in- fact) to act on behalf of another person in the event that person (principal) is unable
to act on their own behalf. This can be medical, financial, real estate, or running a
business. This is crucial to have for making medical decisions on ones behalf. 
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Advanced Healthcare Directive:  A legal document that outlines your preference of
medical treatment or when to withhold treatment. (Living Will) This document will
include a HIPPA contact list. New HIPPA regulations require that contacts be listed in
order to speak to anyone about your condition, even if spouse, adult children or nearest relative. 
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Let’s discuss the optimal approach to structuring your estate and preserving you legacy!