Estate Plan Goals

Estate plans are a set of legal documents that address all the legal needs of a person, prior to needing them.  Don't wait until it is too late.  A proper estate plan addresses not only inheritance and asset transfer, but personal management as well.  It can help facilitate the care of the person should they become incapacitated, and can direct who is to care for minor children should the need arise.

In general, the main goals of estate plans are:

1. To avoid Probate.

2. To prepare for personal, financial, and healthcare decisions when one cannot make those decisions for themselves.

3. To direct the transfer of assets to loved ones.

4. To provide for the care and guardianship of any minor children.

5. To maximize the tax laws in your favor upon a transfer of assets to your heirs.

The estate planning process is much less stressful and less time-consuming than probate.  If your gross assets are more than $150,000, Probate can cost thousands.  A comprehensive estate plan is the easiest way to prepare for yours and your assets’ futures and avoid probate.  An estate plan can help you when you are unable to care for yourself, make clear your wishes when you are unable to speak for yourself, can pass your estate to your heirs without having to deal with the court system and ensure flexibility in the transfer of your assets to your loved ones.  Your specific situation may vary, however our comprehensive estate plans generally include:

  • Living Trusts

This is the document that will direct how the assets of the trust are to be treated.  The trustee has a fiduciary obligation to the beneficiaries to carry out the terms of the trust.  All assets not jointly held should be held in trust to allow for ease of management and transfer in the event one lacks the capacity to act on their own behalf, or when they pass.

  • Wills

Wills are documents that direct how assets are to be distributed upon one’s passing.  Comprehensive estate plans often-times use “pour-over” wills in conjunction with revocable trusts to ensure complete disposition of assets through the trust.

  • Advanced Healthcare Directives

An advanced Healthcare Directive is a special type of power of attorney for health decisions only.  This is a document that a health provider will keep on record and will refer to in the event one requires health care or health decisions be made, when they are unable to make them.

  • Durable Power of Attorney

Most people are familiar with the power of attorney document.  This is a document which grants someone else the authority to take certain actions on one’s behalf.  A durable power of attorney survives incapacity but not death.  

  • Property Transfer Documents

Property transfer documents include business assignments, personal property assignments, and deeds of specific kinds for real property. All of our comprehensive estate plans include preparation and coordination of these property transfer documents to ensure that the trustee will have the proper access to assets when the time comes.

 

An Estate Plan provides the protection that all families need.

Contact now to schedule a free consultation and begin your road to peace of mind in knowing you are prepared for the future.  We provide comprehensive estate plans at affordable, flat-rate prices.