Estate Planning

Practice Area

Estate Planning

Estate planning is always a difficult step to take, no matter what your age. However, there are a range of considerations that you must keep in mind to make sure that you are taken care of in case of a disability and that your assets go to the person(s) that you desire when you are gone, even if it is a long way from now. We would be happy to assist you with this all-important planning. 
Last Will & Testament and Trust: These are the documents that direct the distribution of your assets upon your death. You may decide that you want to have a will prepared, as well as a trust to protect your assets, which is accomplished through a revocable living trust. Under a trust, you must transfer all of your assets from your name to the name of the trust. It is a flexible document and amendments to it are generally easier to accomplish than amendments to a will. At death, your appointed trustee handles all the distribution of your estate without court direction or interference. If you are married, the trust can be in joint names. A will does not go into effect until after your death. If you have a will but not a trust, the estate is processed as you wish, but through the Probate Court. This can become burdensome on those handling it and does not protect your privacy. In both cases, you will be able to name your choices for guardians of your children and your wishes for your funeral arrangements. 

Beneficiary Deed: If you do not have a revocable living trust, you may consider a beneficiary deed to address your estate planning needs. This is like the quitclaim deed in that the ownership of the house transfers to someone else. However, with the beneficiary deed, the ownership only transfers upon your death.

Living Will: In planning for your future, we also suggest that you execute a living will, also known as a durable power of attorney for health care and health care directive. In this document you make known your wishes for treatment in the event you are unable to make or communicate your own health care decisions. Within this document you name a trusted individual to make these decisions with your treating physicians in the event you are unable to do so. If you have an upcoming medical surgery, you should be sure to execute a living will. 

General Durable Power of Attorney: A general durable power of attorney allows the person you name to take care of the management of your finances in your stead. It is called a “durable” power of attorney because the powers you grant to your agent or attorney in fact survive your disability and survive whether there is uncertainty as to whether you are dead or alive. This survivability makes this document an important part of your estate plan. Like the health care power of attorney, you may designate one or more persons who have the authority to act on your behalf if you are disabled and unable to take care of your own financial and legal affairs. Although it gives broad authority to those whom you designate to act for you, they have a responsibility to act for your benefit and as they would anticipate you would choose to act if you were able.
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