Estate Planning for 100...

Time for Estate Planning Jeopardy

EP for 100: This document expresses your wishes as to who gets your stuff when you die and who is in charge of distributing it.

What is a Last Will and Testament?

We'd also accept "What is a Will?"

EP for 200: Having this document will not help your estate avoid a probate court process, which costs a lot of money and time, but in fact serves as a ticket to enter the probate court. But at least you get to pick your executor and name your beneficiaries... if the court approves.

Same answer "What is a Will?"

Indeed, a Will won't help you avoid probate; even if it has a nice little testamentary trust inside-- still has to go to court and get the judge's sign off.

EP for 300: When assets are properly transferred to this entity, probate court can be avoided, privacy and control can be achieved.

What is a Trust?

That is correct. There are many different kinds of trusts, each capable of helping you accomplish a wide range of planning goals like avoiding probate and maintaining control over how and when your assets will be distributed. In Utah, if you have real estate or more than $100,000 net worth, you should have a trust.

EP for 400: This document can provide asset protection while you are alive and avoid probate after you die.

What is an irrevocable trust?

Yes! This trust offers robust asset protection against the high cost of long-term care, lawsuits, creditors, and other threats. A good trust lawyer can help you determine if a trust is right for you and the type of trust (or combination of trusts) best-suited to your unique needs.

EP for 500: This document expires when you do but is sure helpful when you can't manage your affairs.

What is a Power of Attorney?

Correct again! There are various types of POAs. A general power of attorney deals with your finances. You grant authority to your Attorney in Fact or "Agent" to make decisions on your behalf and in your best interests if you can't make them for yourself. A Health Care POA similarly grants authority to your Agent to make health-related decisions for you if you are incapacitated.

Bonus Round: This document expresses your wishes if you are terminally ill and would otherwise only live via artificial means.

What is a Living Will? or What is an Advance Medical Directive?

That is right. A living will is a legal document that specifies your wishes for life-support or no life-support if you are in an end-of-life situation due to a terminal illness, incurable disease, or vegetative state. Most people do not want to be kept alive artificially if it is their time to go. It is compassionate and helpful to have a living will. It relieves your loved ones of the burden and guilt when it is your time to go.

Congratulations, you are today's champion on Estate Planning Jeopardy! Now make sure your estate plan is complete and current!