An estate plan is different for every individual and will depend on the needs and wishes of the individual.  Typically, an estate plan will consist of a Living Trust, Will, Power of Attorney for Health Care and Power of Attorney for Property.

Why do you need estate planning and what occurs if you do not have an estate plan?

You now have bought a home and/or have other valuable assets that you need to protect and preserve for your and your family's future.  Without a Will and/or Trust, a state court will make decisions on behalf of your estate by choosing an administrator and guardian for your minor children.  Worse yet, your estate will be distributed according to state intestacy laws without any regard for your wishes.

What is a Will and what purpose does it serve?

Historically, estate planning involved the creation of a will which is a legally binding document that directs a court to distribute your assets pursuant to your wishes at your death.  An executor of your will is responsible for administering your estate under the court’s supervision in a probate proceeding. 

What is a Trust and what purpose does it serve?

A developing trend in the past few decades has been the growth of the living trust, commonly referred to as a revocable trust or family trust.  The living trust is a legal document that allows real property and other assets to be held in the title of the trust for the benefit of the beneficiaries.  Ownership of your assets is transferred to the trust while you, the trustee, are able to retain complete control of the assets.  As the trustee, you may still buy, sell, borrow or transfer the trust assets as you wish. 

What is the difference between a Trust and a Will?

At this point, you may be wondering what benefits a trust provides over a will.  A trust allows the beneficiaries of your estate to avoid the probate process altogether.  The entire probate process can last anywhere from six months to two years depending upon the complexity of the estate.  Even more shocking is that the probate fees, legal fees and miscellaneous expenses can range between 2% to 10% of your gross estate.  The most significant benefits of a trust is that your beneficiaries save the fees associated with the probate process as well as the time it takes for the probate process to conclude. 

Why do you need an estate plan?

You have worked hard for your assets and you are entitled to the right to determine who will receive your assets after your death.  More importantly, a Will and/or Trust allows you to make sure that your loved ones are taken care of.

Do I need Power of Attorney for Health Care and Property?

Yes, this way you could have piece of mind that your wishes are carried through at a time that you are unable to make decisions on your behalf due to illness or disease.  A Power of Attorney allows you to choose a loved one that you trust to make these important decisions.

Estate Planning does not have to be expensive.

Basic estate planning is less expensive than you think.  Our firm never charges for an initial consultation and assessment of your estate.