Revocable Trust

Posted by admin on May 25, 2009 under Glossary of Terms | Be the First to Comment

A trust that may be changed or terminated during the donor’s lifetime. The trust becomes irrevocable at the donor’s death, and the property then goes to the beneficiaries.

Medical Power of Attorney

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A power of attorney that allows another person to make medical decisions on behalf of the principal.

Living Will

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This document provides instructions on what extraordinary life-support treatments, if any, the individual would like doctors and health care providers to take in the event that the individual is incapable of making those decisions.

Inter Vivos Trust

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A revocable trust created while the donor is still alive.

Durable Power of Attorney

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A power of attorney that remains in effect if the principal becomes incapacitated. A power of attorney must be specifically made durable, otherwise it expires if the principal becomes incapacitated.

Advance Directive

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A legal documents that conveys your wishes about end of life care, including artificial life support, feeding and breathing tubes, and other extraordinary measures. This is also called a living will. An advance directive is different than a medical power of attorney because the advanced directive gives actual directions to the medical staff, while a medical power of attorney allows another person to make medical decisions on your behalf.

Will

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A written document which disposes of a person’s estate. It does this by making specific gifts, creating trusts, and dividing the remainder, which is anything not specifically disposed of. It often gives other instructions, such as guardianship of minor children, the identity of the personal representative, and funeral and burial instructions.