Areas of Practice
Many people we talk to are under the impression that a Last Will can solve all their problems when it comes to their estate planning. The main problem most clients find with having a Last Will as their primary estate planning document is that any assets governed by that Last Will must go through Probate when they pass.
Depending on the situation, a Last Will can sometimes be the appropriate solution. It is more common, however, that a Last Will is only part of the solution for a comprehensive estate plan.
Wills
There are many different types of Trusts that can be used to assist clients with their estate planning needs. A Living Trust, also known as a Will Substitute, is one of the various estate planning solutions we offer our client and the most common type of Trust our clients utilize. A Living Trust allows clients to maintain control over their assets while living, even if capacity is lost, and after their deaths.
There is no income or asset threshold to determine whether a Trust is the appropriate solution for your estate planning. Instead, we will look at the size and nature of your assets, the circumstances surrounding your beneficiaries, and your goals.
A Trust must be properly funded for it to function properly. The term “Funding” is a term of art which means a client’s assets are retitled in the name of the Trust. Our firm assists with this entire process because we want to ensure our clients’ plans function as intended.
Trusts
There are three primary Healthcare Documents important to a comprehensive estate plan: Living Will, Health Care Power of Attorney, and HIPAA Authorization. These documents allow your designated representative to ensure your medical decisions are followed without the requirement of getting a court involved.
Healthcare Documents
The most common type of Power of Attorney is a Durable Power of Attorney. This is a document clients prepare to designate a representative who make decisions about the client’s real property and financial assets. A Durable Power of Attorney remains valid even if a client loses capacity.
Durable Power of Attorney
The primary focus of our firm is not Real Estate Transactions. We do, however, utilize Deeds in various aspects of estate planning, including during the Funding process of a Trust to ensure those properties do not require Probate.
Deeds
The Probate process is necessary for the assets of a deceased person when those assets are in the name of the deceased alone. This process can be required if a person dies with or without a valid Last Will.
Probate is a public process where a court will determine who can act as the Personal Representative (in some States this person is called the Executor), who will raise minor children of the deceased, and where the assets will go.
Our goal is to keep as many clients out of the Probate process as possible. Sometimes, however, an estate requires Probate. In those cases, we assist clients navigate their way through the Probate process.
Probate
Once a person who has an established Trust passes, administration of that Trust is required. This process can be easy, but can sometimes also be tedious. Our firm assist clients through the process of Trust Administration. The role in which our firm acts varies based on a client’s needs.