Creating an estate plan for after your death is important, but what happens if you fall victim to incapacity or disability while you are alive? If you get into a tragic accident or develop a serious illness, you may not be able to make your own financial or medical decisions. This is why creating powers of attorney is so important.
While doing your research on effective estate planning, you have probably heard that avoiding probate is beneficial and that the best way to do so is through establishing a living trust. Another name for this kind of financial arrangement is a revocable trust.