Planning for your future.
Ensure that your wishes are honored and communicated today!
Our focus is the creation of an estate plans that will provide optimal financial benefits and protection for you and your family.
Your Estate Plan will typically include the preparation of:
- Last Will & Testament
- Revocable Living Trust
- Power of Attorney for Healthcare
- Power of Attorney for Property
- HIPPA Authorizations
Last Will & Testament
Last Will & Testament is a document created by you which appoints an executor and dictates the disposition of your assets and property according to your wishes, upon your death. Having a Will ensures that your wishes, upon death, are carried out.
A Pour-Over Will is used in conjunction with a Trust and provides direction to executors and trustees as to the administration of assets not titled in the name of the trust, at the time of death. It may address guardianship of a child and or a beloved pet. The combination of a pour-over will and a trust affords increased privacy and asset protection, since the most detailed information about the disposition of your estate typically resides in your trust agreement.
Revocable Living Trust is a legal instrument created and managed by you, during your lifetime. It is recommended for the ease and protection of your assets during your life, as well as after you passes. During your lifetime, your assets are re-titled and transferred into your Trust. They continue to be managed by you, as the trustee of the Trust. There is no loss of control experienced. Should you become incapacitated or unable to manage the Trust, a successor trustee (whom you appoint while alive and well) will assume the role of trustee of your Trust and will be required to follow the terms you have spelled out in the Trust, for the disposition of assets. A living trust has many advantages, including avoiding probate, privacy, as well as estate taxation exemptions.
Benefits of an Revocable Living Trust (RLT) include:
- Probate Avoidance
- Frequently quicker than the probate process
- Harder to contest than a Will
- Significantly lower post-death administrative fees
- Privacy regarding estate
- Estate tax exemptions
Burdens of an RLT include:
- Only assets transferred into the trust are subject to the trust
- More expensive to set up than a will
Probate proceedings refer to the administration of one’s estate by the court after one is deceased. The purpose of the proceeding is to establish clear titles to your assets for distribution purposes. Probate can be a lengthy, complicated and expensive process.
A Will must go through the probate process for administration and disposition; a Living Trust does not. Probate records are a matter of public record, exposing the decedent’s financial affairs to public scrutiny. Items that must go through probate include: all property transferred through a will, any account or asset registered solely in the decedent’s name, and the portion of assets owned by the decedent as a tenant in common or as community property.
We can assist you in navigating the probate process directly and efficiently, or avoiding the process completely.
A Durable Power of Attorney (POA) is a legal document authorizing an individual of your choice to act on your behalf should you become incapacitated. It allows you to appoint an agent to handle your health and financial matters which is an essential step to ensuring your privacy and wishes are protected.