Will – a document that establishes heirship and how assets will be distributed.
Living Will – Also known as a medical directive, to physicians that outline what medical measures to be taken in the case of a terminal medical condition.
Durable Power of Attorney – designates someone to handle your personal affairs if you are not able to.
Medical Power of Attorney – designates a loved one to make medical decisions for you when you are unable.
Trusts & Guardianships – Name who will care for your minor children (or disabled adults), and provide assets for their future well-being in the event of your death.
Living Trust – A document that places your assets into a trust for your beneficiaries while you are alive, then transfers your remaining assets to your beneficiaries after you are deceased.
Will: A Legal document where a decedent has outlined how they would like their assets to be disbursed between their loved ones.
Estate: An estate consists of all the assets, including, but not limited to, cash, real estate, stocks and bonds, life insurance policies, retirement accounts, vehicles and personal belongings.
Decedent: The legal term for the person who has died and whose estate is in the probate process.
Executor/ Executrix: A valid will names a person to serve as the executor (male) or executrix (female) of the estate. This person will handle all the necessary processes to finalize the estate.
Beneficiaries: The loved ones named in the will by the decedent or determined by a Court, who will receive assets from the decedent’s estate.
The verbiage is generally listed as a decedent’s heirs and/or heirs at law. This simply means that it would first pass to your heirs (whomever you have chosen). If no heir is specified in your will or if you do not have a will. then your property would be given to your spouse, then to your children, then your children’s spouse, then your grandchildren. If you have multiple children, lets say 3 children, 1 child has passed, then the assets would be split in 3 ways between the children, with the one-third portion that was set to go to your deceased child would then be split between that child’s children. This is the basic terminology in wills. If you want any of this changed to be more specific you can do so with a custom will.
Mayfield Law Office offers an array of legal estate planning services designed to provide for your death or for an illness or injury that could incapacitate you or your spouse during your lifetime.
Please contact Mr. Mayfield if you would like to customize any Estate Planning documents to help provide your loved ones with instructions of your wishes. We are here to help.