Estate planning is the process of planning for the future of your assets so that when the time comes, your surviving loved ones are not left in the dark about your wishes.
Last Will & Testament
A Last Will & Testament is a document that sets forth what your wishes are with regards to your personal property and assets including bank accounts and real estate, etc. upon your death. In addition, your Will names your Executor/Executrix, the individual responsible for administering your estate upon your death. In your Will, you can establish a testamentary or supplemental needs trust to protect assets that may pass to a minor or a loved one with special needs and also name Trustees to manage those trusts.
Durable Financial Power of Attorney
We believe anyone over age 18 should have a Durable Financial Power of Attorney. In this document, you name an agent who will assist you in making financial decisions which can become imperative, if you become incapacitated. This simple step can alleviate the need for guardianship. In addition, it offers benefits of having someone you trust stand in your place as needed when you are not able to be physically present. Your agent is under a fiduciary duty to act in the best interest of you, the principal.
Healthcare Advanced Directive
This document goes by many names including Living Will or Healthcare Power of Attorney. Our document serves the dual purpose of allowing you to state your intentions of how you wish to be treated medically should a doctor determine you are at the end of life. You may also name a healthcare agent who will only make these decisions should you lack the capacity to express yourself.
Trusts
A trust, in broad terms, is designed to protect assets for a specific purpose. There are many different situations where a Trust might be considered and many different types of Trusts; however, each situation is so unique and there are many considerations that you should assess, including tax implications both now and in the future, before creating and transferring assets into a trust.
Guardianship
Any individual age 18 or older, has the right to make decisions for themselves, despite any functional limitations or disabilities. Petitioning for Guardianship is a process which seeks to establish that the individual over the age of 18 who is alleged to be incapacitated in unable to make decisions on his or her own behalf and that a Guardian is necessary.