Basic Estate Plan- Single Person*:
Will, Durable Power of Attorney for Finances, and Healthcare Directives: Living Will and Power of Attorney for Healthcare (Trust not included)
Basic Estate Plan - Married Couple*:
Wills, Durable Power of Attorney for Finances, and Healthcare Directives: Living Will and Power of Attorney for Healthcare (Trust Not Included)
Estate Plan w/ Testamentary Trust - Single Person*
Will w/ testamentary trust provisions, Durable Power of Attorney for Finances, Healthcare Directives: Living Will and Power of Attorney for Healthcare
Estate Plan w/ Testamentary Trust - Married Couple*
Will w/ testamentary trust provisions, Durable Power of Attorney for Finances, Healthcare Directives: Living Will and Power of Attorney for Healthcare
Trusts*
Irrevocable/Revocable Trust, Pourover Will, Durable Power of Attorney for Finances, Healthcare Directives: Living Will and Power of Attorney for Healthcare
Deeds
Drafting and recording transfer on death deed, quit claim deed, and warranty deed. Does not include recording fees. No title examination will be conducted unless subject to a separate agreement.
Probate Administration
Codicils (Estate Modification) and Trust Amendments
Probate Litigation
Family Limited Partnership/LLC
*As an additional benefit, all clients who purchase a complete estate plan will receive a no cost review appointment every three years. During this appointment, we will review the estate plan and determine what changes, if any, are required to ensure needs and desires are met.
What is A Trust?
A trust is a legal arrangement where someone (the "settlor" or "grantor") gives assets to a trustee, who manages them for the benefit of one or more beneficiaries. The trustee follows the terms in the trust document. Trusts are often used in estate planning for things like protecting assets, transferring wealth, and ensuring beneficiaries' financial well-being. Unlike a will, a trust can be active during the settlor's life (living trust) or set up through a will and activated after the settlor passes away (testamentary trust). Trusts are flexible and can be customized to meet the settlor and beneficiaries' specific needs and goals.
What is An Estate Plan?
An estate plan is a personalized set of legal documents and strategies individuals create to manage their assets, provide for loved ones, and determine how their estate should be distributed after they pass away. Components may include a will, trusts, powers of attorney, healthcare directives, and beneficiary designations. The aim is to carry out an individual's wishes, minimize legal issues, and efficiently transfer assets to heirs or beneficiaries. Estate plans address personal factors like guardianship, tax planning, charitable giving, and end-of-life healthcare decisions. Consulting legal and financial professionals ensures the plan fits specific circumstances and goals.
Still Confused
Imagine you're planning a big birthday party. Your "estate plan" is like the entire plan for the party. It includes everything from the guest list (who gets what), the schedule (when things happen), and special instructions (like no cake for your cousin who's allergic).
Now, within your big party plan, you might have a special area just for the presents. This area is like a "trust." In this case, your trust specifies who will take care of the presents (the "trustee") and how they should be given out, following your instructions in the estate plan.
So, in short, the estate plan is the overall plan for everything, and the trust is like a specific part of that plan, focusing on how certain things (like gifts or money) will be managed and distributed.
What happens if I don’t have an estate plan?
If you don't have an estate plan in place, it can lead to several potential challenges and uncertainties for your family.
Here are some consequences of not having an estate plan:
1. Intestacy Laws:
- Without a will or trust, your assets may be distributed according to the intestacy laws of your state. This means the state will determine how your estate is divided, and it might not align with your wishes.
2. Probate Process:
- Your estate may go through probate, a legal process that can be time-consuming and costly. Probate involves validating the will (if one exists), paying off debts, and distributing assets. A well-structured estate plan can help minimize the impact of probate.
3. Guardianship for Minor Children:
- If you have minor children and haven't designated a legal guardian, the court will decide who will take care of them in the event of your incapacity or death. This decision may not align with your preferences.
4. Asset Distribution Issues:
- Without clear instructions, disputes among family members can arise over the distribution of assets, leading to potential conflicts and strained relationships.
5. Financial Delays:
- The lack of a power of attorney could result in delays in financial decision-making if you become incapacitated. This may affect bill payments, financial management, and access to resources.
6. Healthcare Decision Challenges:
- Without a healthcare directive or power of attorney for healthcare, your medical preferences may not be known or followed, and decisions regarding your healthcare may become more challenging for your family.
7. Tax Consequences:
- The absence of tax planning in an estate plan may result in unnecessary tax liabilities for your heirs, potentially reducing the overall value of the estate left to your loved ones.
8. Missed Charitable Opportunities:
- If you have charitable intentions, an estate plan allows you to include specific instructions for charitable giving. Without such provisions, these opportunities may be missed.
To avoid these challenges and ensure that your wishes are followed, it's advisable create a comprehensive estate plan tailored to your specific circumstances and goals.