 |
A
Will
At your death, a will serves as a road map telling your personal
representative how to distribute your assets to other people or
to a charity. Without a will, you are powerless over how your assets
are distributed. Instead, the laws of the state where your residence
is, the state in which you spend most of your time, register to
vote and hold your driver's license, determine how assets are divided.
Power of Attorney
A general power of attorney permits the holder of the power to act
on behalf of another individual-the grantor-and lapses upon the
grantor's incompetence. A durable power of attorney survives the
incompetence of the grantor and allows the holder of the power to
act. This document can be used when a grantor lapses from competence
to incompetence for periods of time.
Revocable Living Trust
A revocable intervivos or "living" trust is an important
part of the estate plan of many people. Intervivos means "during
life," which is when the trust is established. Revocable means
that the creator, also known as the grantor, of the trust can change
the terms of the trust or revoke it completely during his or her
lifetime. Assets in trust are not part of your will; they are transferred
according to the instructions in the trust document.
Living Will or Health Care Proxy
By creating a living will, you can articulate your beliefs on life-sustaining
measures. With a health care proxy, you can name a trusted individual
to make health care decisions if you are unable to do so. The health
care proxy is used only for medical purposes. Like a living will,
the health care proxy states when life-support equipment should
be disconnected and medical efforts should cease.
For more information,
please contact us at:
Sisters
of Charity Foundation
PO
Box 7291
Lewiston,
ME 04243-7291
207-777-8863
(in Lewiston, ME)
1-888-324-4423
(toll free outside of Lewiston, ME)
SoCHSFoundation@sochs.com
(email)
|
 |
