Wills
This document explains what someone wants done with their estate after death.
What do the letters POA stand for?
Power of Attorney
The person or organization responsible for managing a trust is called this.
a trustee
Private Trust helps clients manage more than just money. Name one other thing that may be involved.
A home/property, estate, trust, taxes, family needs, etc.
This person or company carries out the instructions in a Will.
An executor / estate trust.
A POA is generally used while a person is alive or after death?
While the person is alive.
A person who receives benefits from a trust is called this.
After someone dies, Private Trust may be appointed to take on this role and help settle the estate.
an executor / estate trustee
Before giving money to beneficiaries, the estate may need to pay these.
Debt & Taxes
This type of POA can cover banking, bills, investments and property.
Power of Attorney for Property
True or False: A trustee can ignore the rules of the trust and spend the money however the trustee wants.
False.
Private Trust may act in this role to manage assets held for beneficiaries.
a trustee
True or False: A Will is used to manage someone's money while the person is alive.
True or False: The person called an "attorney" under a POA must be a lawyer.
False.
A family wants money managed for a child's education over several years. Which planning tool might help?
A trust.
Name two skills someone working in Private Trust needs.
Organization, communication, accuracy, problem-solving, responsibility, empathy, teamwork.