The language of a trust agreement must be carefully crafted to balance your wishes with the powers of the trustee and the needs of beneficiaries.Trusts can be extremely effective estate planning tools for minimizing taxes and ensuring your beneficiaries are cared for according to your wishes.Choosing the provisions for distributions is a balancing act, with tax consequences on one side of the scale and the wishes of the grantor on the other.
Despite your well thought-out plans, your living will, or advance medical directive, may not be valid in all states where you reside.
Advance directives are used throughout the country, but there are no universal forms and individual state law governs these documents.
While some states will recognize the laws of the state where the directive was issued, others may not since the rules may vary from state to state.
Keep control of your own destiny and make things a little easier on those closest to you.Just as important as wills and trusts are your durable power of attorney, medical power of attorney, and living will.These documents should be updated as your life evolves and family circumstances change.Remember these documents are very specific to each state, so it’s important to consult with an attorney well versed in the laws of your state.