Advanced Healthcare Directive (Health Care Power of Attorney) – is a document which details your medical desires and wishes; it is used to nominate an agent for health decisions on your behalf

Certification of Trust – stipulates that the trust is valid and specifies the section to which the trustee powers are stipulated

Durable Power of Attorney (also known as a general power of attorney or a financial power of attorney) – is a personal legal document that nominates someone (the “agent”) to manage financial affairs on behalf of the person signing the document (the “principal”). The document is usually drafted to become effective upon the mental incapacity of the principal.  This is known as a “springing” power (see, When is the Durable Power of Attorney Effective).  By executing this document, the principal intends to eliminate the need for court involvement in the event the principal becomes incapacitated.  A Durable Power of Attorney is appropriate for any adult regardless of age, net worth, or health. 

Living Will – states your wishes regarding life support in the event that you are in a persistent vegetative state or irreversible coma and cannot communicate your wishes

Personal Property Memorandum – is a document for you to complete at your own convenience detailing how your personal property should be distributed; if not completed personal property defaults to your spouse/children as genericly specified in your trust
 
Real Estate Transfer Document – is necessary to transfer the title of your home into the name of the trust; must be filed in the county in which the property is located

Revocable Living Trust – is a popular alternative to the traditional Will as the main component of an estate plan.  The Revocable Living Trust is best known as a probate avoidance tool.  Assets titled in the name of a Revocable Living Trust bypass the court-supervised probate process upon the death of the owner. A revocable trust can be changed, or even canceled, as opposed to an irrevocable trust that cannot.  A living trust is established during the owner’s lifetime, as opposed to a testamentary trust established after the owner’s death.  A Revocable Living Trust must be fully-funded to achieve its objectives.  This means that you will need to re-title ownership of your personal assets (e.g., real estate, CDs, bonds, brokerage accounts) into the name of your trust. Any taxable income earned by assets of the trust are reported on the trustor’s personal 1040 tax return.          

Statutory Fee – an amount that is a percentage of the value of the assets in the estate

Trust Beneficiary – is a person who by the terms of the trust has the current or future right to have the trustee pay out cash or other trust property to him or her 

Trust Funding/Maintenance Instructions – is a guide for retitling assets into the trust and any ongoing responsibilities

Trustee – manages the assets of the trust for the benefit of the beneficiary.  Most Revocable Living Trusts will initially name the trustor/grantor as the trustee    

Trustee Affidavit – is a sworn statement by the trustee affirming their role as the trustee

Trustor/Grantor – the person who establishes the trust

Will – dictates the way that that your assets will be distributed and utilized following your death; subject to probate