Estate Planning

Estate Planning

We prepare wills, trusts, durable and healthcare powers of attorney and other documentation to meet the sophisticated estate planning needs of our clients. It is important to do estate planning now, so the probate process is easier for your loved ones. The primary purpose for estate planning is to ensure that your children and loved ones are taken care of once you have passed. Also, estate planning is crucial to protect assets and property. It is important to review or update an estate plan at least every 3 years, or whenever a major life event occurs, such as buying a new house or property, getting married or divorced, losing a family member, having a child, etc.

Wills

A will is a document that directs who will receive property when the testator is deceased. A will goes into effect only after the testator passes. A will can include funeral arrangements and can appoint one person to be the legal representative for the will. The legal representative will carry out the wishes of the testator. A will covers property and assets owned by the testator at the time of death. Once the testator passes, the will becomes public record. It will then pass through probate, where a court oversees the wishes of the deceased. Our attorneys have experience in preparing simple and complex wills, which are paired with trusts.

Trusts

A trust is an agreement between three parties. The first party, the trustor, gives the second party, the trustee, the power to hold title to assets or property for the benefit of the third party, the beneficiary. Unlike a will, a trust takes effect as soon as it is created. It can distribute property before, during or after the trustor’s passing. For property to be transferred to the trust, it must be put in the name of the trust. Trusts usually have two types of beneficiaries: one set that receives income from the trust during their lifespan, and another set that receives what is left in the trust after the first set of beneficiaries has passed. A trust can do more than a regular will can do. For example: assets can be dispersed years after the trustor passes and disbursement of assets can skip a generation. Unlike wills, which are public record, a trust can remain private. Assets or property held in a trust bypass the probate process, which can save time and money for the family of the deceased. We focus on three types of trusts. It is best to have an attorney guide you through this process and help you decide which trust is best for you!

Most common trusts we create for our clients:

• Revocable (individual and joint)

• Special needs: for disabled individuals

• Disclaimer

Durable Power of Attorney

A durable power of attorney is helpful in the event you become incapacitated; it gives someone of your choice the power to act for you. This includes power over your bank accounts, cars, houses, bills, etc. This document is only valid during the lifespan of the person giving the power.

Health Care Power of Attorney

A healthcare power of attorney provides a way of expressing your medical care preferences should you become unable to communicate with your doctors. It gives you the ability to appoint someone you trust to act for you in the case you are mentally or physically unable to act for yourself. This includes end-of-life preferences, someone to be responsible for your medications, insurances, etc. This document is only valid during the lifespan of the person giving the power.