A living will is a document that allows a person to state their wishes for end-of-life medical care. This is applied on cases whereby the person is aware that they will not be able to properly communicate their decisions later on. A living will does not have any power after death.
Power of Attorney
A power of attorney is a legal document that enables one person to act for the other person. The appointed person would be given either broad or limited legal authority to make legal decisions about the principal’s property, finances or medical care in an event of a principal’s illness or disability.
Probate is a legal process whereby the last will of the deceased is brought to court to be proven valid and enforceable. A grant of probate from the Court would need to be obtained in order for the executor to distribute the deceased’s estate to the beneficiaries.
Trust is an equitable obligation that binds a person who is called a trustee to deal with assets in which he is not the owner of but given the power to deal with the assets for the benefit of the beneficiaries.
A will is a legal document that takes effect after death in which a person who is called the testator expresses their wishes as to how they would like their assets distributed. This document would be able to prevent the Court’s involvement in the disposition of the testator’s assets.