You can also give your attorney-in-fact authority over your digital assets. In most cases, a durable power of attorney for finances is the best way to take care of tasks like these. For example, bills must be paid, bank deposits must be made, and someone must handle insurance and benefits paperwork. Do-it-yourself and save hundreds of dollars on attorney fees.ĭurable Power of Attorney A durable power of attorney ensures that someone you trust (called your “agent” or “attorney-in-fact”) will be on hand to manage the many practical, financial tasks that will arise if you become incapacitated. A living trust is about as easy to prepare as a will. A Living Trust will ensure that your property bypasses lengthy and expensive probate proceedings. Although a living trust is not a complete substitute for a will (it doesn’t allow you to name a guardian for a child, for example), it is definitely a more efficient way to transfer property at death, especially large-ticket items such as a house. A revocable living trust, unlike a will, offers a fast, private, probate-free way to transfer one’s property after death. How Do Living Trusts Avoid Probate? For many Americans, a significant goal of estate planning is to avoid probate.
