The estate planning tools are devices that are used in the process of estate planning. They are deemed useful in the context of the overall process as they help in the smooth operation of the same. The tools of estate planning include the following:
Different types of property ownerships
Different kinds of trusts
Powers of attorney
Powers of appointment
Importance of Wills
The wills have become extremely important in the overall context of estate planning. Their importance has increased after the well known Terry Schiavo case, which ran for a really long time as well as attracted a lot of attention from the media.
Nowadays all the attorneys ask their clients to create a will in their lifetime. If a person passes away without leaving behind a will then the most important decisions are taken by the family members of the deceased individual.
Powers of Attorney
There are two types of powers of attorney – the durable power of attorney and the medical power of attorney. The durable powers of attorney take the important decisions on behalf of the grantors while the scope of the medical powers of attorney is limited only to the medical decisions.
Last Updated on : 30th July 2013