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A living Trust is a revocable agreement
that can be used as a tool to have your assets held by someone
else, namely, the trust. Putting some or all of your assets
in a living trust makes them easier to distribute at your
death. A living trust also acts as an asset protection device
to keep your assets safe.
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A last will is the most recent
expression of your desires for the handling of your financial
and personal affairs when you die. A last will revokes any
prior wills or codicils you may have made. A codicil is
simply an amendment of a will.
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A power of attorney is a document by which
you appoint someone else (your “attorney-in-fact,” or “Agent”)
to make decisions for yourself or with respect to your assets
in the event you are unavailable or unable to do so. Your
Agent can help you when you need it most.
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