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Common Estate Planning Terms

Written by: Donald Michael Burgett

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Estate Planning Wills

Posted about 3 years ago. Applies to Minnesota, 0 helpful votes, 0 comments

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Business Power of Attorney

A business Power of Attorney is a statutory document which allows you to appoint someone to complete specific duties for you. These duties include: real estate transactions; tangible personal property transactions; bond, share and commodity transactions; banking transactions; business operating transactions; insurance transactions; beneficiary transactions; gift transactions; fiduciary transactions; claims and litigation; family maintenance; benefits from military services; and records, reports and statements. This duties can be designated specifically or all together. The power of attorney document also allows you to determine if the attorney-in-fact (the person appointed by you) may transfer property to himself/herself and if an accounting is required. In addition, the document allows you to determine if you want your attorney-in-fact to have these powers if you become incapacitated or incompetent.

Health Care Power of Attorney

A Health Care Directive allows you to give specific instructions to your Health Care attorney-in-fact and/or your doctor regarding the kinds of health care that you wish to be receive when you cannot make decisions for yourself.

Wills and Trusts

There are numerous types of planning instruments for your estate plan which you and your attorney can discuss. These instruments offer many different benefits to you or your family in the distribution of your assets, and when appropriate, care for your minor children during your lifetime or at your death.