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What is
Estate Planning?
Estate planning is the process of setting up how your assets and property will be managed upon your death or incapacity
In the case of estate planning, one size does not fit all. Out of the box Wills can only do so much; they cannot consider all of the possible and unique factors that make up a person’s estate, and they often do not include important state-specific language. A skilled and experienced attorney knows the questions that need to be asked and can take you through the steps to create a plan that is specific and individual to you and your circumstances.
Wills & Trusts
What is a Will?
A Will is a document that names a person to collect your assets, pay your bills, and distribute your assets to your beneficiaries after your death. A will must meet specific legal requirements to be valid by law.
Wills
What is a Trust?
A trust is an agreement between three parties: the person with the money, the person who manages the money, and the person who uses the money. In its most basic form, a trust would be created by the following sentence, “I give $25,000 to David for Sarah’s education.”
Trusts
• A trust can be created by a Will that doesn’t come into effect until after the Will is probated.
• A living trust is a stand-alone document that can go into effect as soon as it is signed. It is a legal entity with a named trustee who agrees to manage and hold your assets by the rules you have set forth.
• The terms of a trust are private and while more expensive than a Will to create, it can be used to more effectively manage your assets during a period of incapacity and continue to manage your assets after death if that is what you wish. It does not need to go through probate.
The type of estate planning document that best suits you depends on your circumstances and wishes.
Do I need a Will or a Trust?
Minor
Children
If you have minor children you may consider a trust created by your Will to hold your children’s money until they reach a milestone, such as age or degree.
Children From Previous Relationship
If you or your spouse have children from a previous relationship, consider a Revocable Living Trust to protect the interests of all members of the family.
Property in Another State
If you or your spouse hold property in another state, consider a Revocable Living Trust to avoid having to go through probate in another state.
Talk to an experienced estate planning attorney to determine the right plan for you. Schedule a consultation with us today!
Powers of Attorney
Powers of Attorney
What is a Power of Attorney?
A power of attorney is the most important legal document a person can have while they are alive. It is a legal document that lets you give someone legal authority to make decisions regarding your financial and legal affairs.
What are Medical Powers of Attorney?
A medical power of attorney (or healthcare power of attorney) is a legal document that lets a person give someone else legal authority to make important decisions about medical care. These decisions could be about treatment options, medication, surgery, end-of-life care, and more.
Additional Estate Planning Services
Physician's
Directives
An individual can determine whether they want the use of life sustaining treatments under specific medical circumstances.
Guardianship
Designations
This document allows a person to let the Court who they choose to take care of them if there is a need to have a guardianship created to protect them.
HIPAA
Releases
A document that an individual signs before their protected health information can be used or disclosed.
Disposition
of Remains
A form that allows a person to give instructions regarding funeral wishes and name an individual to be in charge of making the arrangements.
FAQs
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How do I choose people to name as agents?Financial Agent: a financial agent must be someone you trust completely to manage your funds when you are not able. This person will pay bills, manage your 401k, and manage all financial situations. Your agent does not have to be related to you—select a person whom you trust. Healthcare Agent: this agent acts under the authority of power of attorney. Your chosen healthcare agent will make healthcare-related decisions for you when you cannot make them for yourself. It is imperative that this agent has engaged in detailed and intimate conversations with you regarding the levels of care that you would want them to take.
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What if my intended agents do not live near me?Location of your agent should not be an issue in this age of electronic communication and technology. Scanners, telephones, and computers allow for finances to be handled securely from afar. Make certain to keep the contact information for your named agent up to date however.
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What if I don't have anyone to name as an agent?An agent is someone who agrees to serve as your representative, often a relative or a child, however the agent can be anyone you trust to carry out your wishes. Depending upon the size of your estate, you may also create a trust and appoint a corporate trustee. Geriatric care managers can sometimes handle medical-based decisions. This is usually under a fee-based arrangement. If you do not have anyone you trust to name as your agent, get your affairs in order and organized, and speak to an elder law attorney about your potential options.
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Is it okay for my executor to be out-of-state?Yes. Most states allow an executor who lives out of state to be named as the executor. Each state has its own rules for the requirements of such an executor.
Consultation
SCHEDULE AN EVALUATION
Estate Planning Resources
Resources
Estate Complete
1.5 Minute Video
Don't DIY
1 Minute Video
Plans for Small Businesses
1 Minute Video
End of Life Discussions
1 Minute Video
The Power Behind the Durable Power of Attorney
1 Minute Video
Blogs
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