Every adult needs an estate plan. It may be extensive planning or simple planning. This should be reviewed about every 5 years as normally there have been changes in your life during this time period. Some events that would warrant a change might be a marriage, children, recently sold or purchased property or investments, you have a special needs child, you have divorced or remarried or acquired a new business.
Our firm has extensive experience in protecting your assets and ensuring that they will be distributed according to your wishes. Let us sit down with you to plan what documents you may need.
Wills
One part of an estate plan is your Will. The Will is a document which provides the manner in which your property will be divided when you die. A Will allows you to name one or more persons to manage your estate (your Personal Representative/Executor) and oversee the distribution of your property at death. Having an updated Will is important for your property to be transferred as you wish. We encourage our clients to review their Wills every five (5) years to be sure that they are still up-to-date.
Trusts
In addition to a Will, many choose to have a trust as part of their estate plan. A Living Trust is a plan that can help you manage your property during life and which allows for a smooth transition of affairs after death. There are many benefits to having a trust, both inter vivos (set out in your Will) or a living trust. We would be happy to discuss your unique situation to see what is best for you and your family. If you have a child or family member with disabilities, you may want to discuss a special needs trust or some other way to transfer assets for the benefit of this individual with our office, which could be an additional part of your estate planning.
Power of Attorney
A Power of Attorney is a very useful tool in your estate planning. A Durable Power of Attorney gives another person (your agent) the ability to handle your affairs. If you have no Durable Power of Attorney in place and you should become incompetent, your family will have to petition the court to have a guardian and/or conservator appointed for you. There are several types of powers of attorney. We would be happy to go over this with you.
Advanced Directive
Another document for your estate plan is the advanced directive. Many call this a Living Will. The advanced directive sets out your personal wishes should you become terminally ill or injured so that your family is not faced with these decisions at a critical time in your life. Your family can see what you have written down and follow your instructions.