A power of attorney is a document whereby one individual, referred to as a "principal," authorizes another individual, referred to as an "agent" or "attorney in fact," to act on behalf of the principal. In most cases, the agent must act in the best interest of the principal, but an agent is given substantial power.
Revocable trusts are marketed by financial planners, accountants, and estate planning attorneys as being the solution to the burdens of probate. While revocable trusts are beneficial, depending on the size and composition of the estate, they may not be right in every situation. This post will outline the benefits of a revocable trust and the costs associated with a revocable trust to help you, the reader, understand whether or not they are worth the time and expense.