ESTATE PLANNING

        Estate Planning refers to more than just the actions you take to arrange for the disposal of your assets at the time of death. It also allows you to designate who will care for your minor or disabled children, make decisions on your behalf if you are unable, and indicate dying wishes. 

        You may choose to include specific final arrangement preferences, such as whether to be buried or cremated, in your documents. More sophisticated estate plans may even cover deferring or decreasing estate taxes or winding up a business. 

        Generally, Estate Planning will allow you to eliminate any uncertainty over the administration of your Estate by expressing your desires in writing now. Proper and efficient Estate Planning can also maximize the value of your Estate by reducing taxes and other expenses.

        Some common Estate Planning documents include: Last Will and Testaments, Non-probate Transfers, Revocable Living Trusts, Powers of Attorneys, and Living Wills.  

        Our Estate Planning Attorneys will personally meet with you to assess your Estate Planning needs and prepare an Estate Plan that will give you the peace of mind needed to live life to its fullest.

·     Last Will and Testament is a legal document found in all Estate Plans. Your Last Will and Testament will provide all of the essential details of who will get what and when they will get it after you die. In your Last Will and Testament you will state who you want to be in charge of making sure that your Estate is distributed as you desired. This person is called the Executor/Executrix or Personal Representative. Your Last Will and Testament will designate the powers your agent will have, who you want to inherit your property, and how that property is to be transferred to your beneficiaries. If you have minor or disabled children, your Last Will and Testament will also nominate a Guardian, of your choosing, for their care. The administration of your Last Will and Testament will be Court supervised through the Probate process.

·     Non-Probate Transfers allow your property to legally pass without going through Probate. Not only will these procedures save you time and money, making Estate Planning more manageable, it will benefit your family in the future. There are several probate avoidance procedures that you can use. Some examples include Joint Tenancy, Listed Beneficiary, Payable on Death Designation, Transfer on Death Deed, or a Revocable Living Trust.

·     Revocable Living Trust is a written agreement or declaration, much like a Last Will and Testament, used to communicate how you want your estate to be handled. In a Revocable Living Trust you will appoint an individual, a bank, or trust company to act as the Trustee. Once your Revocable Living Trust has been formed, you will then transfer your property to the Trust. The Trustee has the legal responsibility of managing, investing, and distributing the property as you have requested. Revocable Trusts avoid probate, are private, and have possible tax benefits. However, setting up a Revocable Living Trust can be time-consuming and expensive since it is usually a longer and more complicated document than a will and assets must be transferred to the Trustee.

·     Powers Of Attorney is a document you prepare in order to give your “attorney-in-fact” or “agent” the legal authority to make decisions on your behalf. You may decide if you want these powers to go in to effect at the time of signing the document or upon your incapacity. Although Powers of Attorney may be given to cover only a specific need, those found as part of an Estate Plan will be General Durable Powers of Attorneys. This means that your agent is able to handle most of your personal and financial matters for you even in the event of your incapacity. You should chose someone that you know will always act in good faith on your behalf, whether it is your spouse, adult child, relative, or trusted friend.

·     Living Will is the oldest form of an advance directive. It is a written statement that expresses your desires with regard to health care treatment if you were to become mentally and/or physically incapable of expressing those desires. It can include, but need not be limited to, instructions concerning the termination of life support. This document only goes in to effect if two physicians have determined you are terminally ill. Although the Living Will is regularly discussed by some attorneys as just another document in your Estate Plan, it is not. Living Wills tend to provoke more questions and personal and religious concerns than many other Estate Plan documents and should not be taken lightly.

         A recent study found that 58% of American adults do not even have a Last Will and Testament prepared – the most basic component of an Estate Plan! Why would you allow the laws of the state and the decisions of a probate court to determine how your Estate is distributed and who will care for your children if they are minors? 

        Be one of the few that has the peace of mind of knowing that your family can move forward without the added stress and confusion of trying to figure out what they think you may have wanted. A death is already a highly emotional time; there is no need to make added stress for the loved ones you leave behind. Protect yourself and your family by getting your affairs in order.

        The first step is a simple one: find the confidence and compassion you need by calling the experienced and dedicated Estate Planning lawyers at Walden & Pfannenstiel today.