WISCONSINILLINOISMINNESOTA

The Virtual Attorney Blog

Feb
01
2012

A living will provides direction to healthcare providers and caregivers related to the types of treatment an individual desires, usually related to life-sustaining or life-prolonging treatment. A living will can forbid the use of medical treatments or to express wishes about foregoing food and water. A living will can also direct healthcare providers and caregivers whether the individual with the living will wishes to be sustained or have his life prolonged by the use of feeding tubs or other medical devices. A living will only becomes operative when the individual becomes incapacitated...

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Feb
01
2012

A living trust is established during life by transferring legal ownership of assets to the trust (real property, stocks, bonds, etc.) Typically the creator of the living trust (grantor) serves as the trustee of the living trust and manages the property for his own benefit but, for legal purposes, the living trust is the actual owner of the assets. However, the grantor continues to manage the property just as he had done if he legally still owned it- live in a house, pay the mortgage, enjoy the income from any property the living trust holds, sell items at will, pay income taxes, and so on...

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A power of attorney is a written authorization to represent or act on another’s behalf in certain affairs, typically of a medical or financial nature. A power of attorney is the document which gives an agent or attorney-in-fact the authority to act on a principal’s behalf. A power of attorney can be drafted in a way so that the agent does not have any authority to act until such time the principal is incapacitated and unable to act for...

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