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When trusts are created, the terms for their administration are contained within them. The person who creates the trust is known as the trustor, and the person whom the trustor appoints to administer the trust is called the trustee. The trustee administers the trust by following the terms of the trust and acting in the best interest of the beneficiary (or beneficiaries).

There may come a time when you can no longer make your own medical decisions.  This may be due to old age, infirmity, illness, or a sudden accident.  In such an event it is important that you have a plan in place to ensure that your interests are protected.  By establishing a medical power of attorney (also called a Health Care Directive or a Living Will), you can designate someone to make decisions on your behalf in the event you cannot make them for yourself. 

As society gets older, estate planning is becoming more critical. An estate plan will avoid Probate, avoid disputes, detail your wishes for care if you become incapacitated, and alleviate stress for all involved.

There are all kinds of reasons why people have not done any estate planning. I look at the surveyed results of the most common reasons people have not done any estate planning, and show why those excuses are just misconceptions.