Estate PLanning
Estate planning is the process of arranging for the management and distribution of your assets after your death or incapacitation. It involves making important decisions about how you want your property and affairs to be handled, both during your lifetime and after your passing.
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Our estate planning attorneys work closely with you to understand your specific circumstances, goals, and concerns. We will assess your assets, debts, and family situation to ensure you receive comprehensive legal advice on the various estate planning paths. By taking the time to understand your unique needs, our will and trust attorneys can create a tailored estate plan that achieves your intentions and protects your legacy.
Two common legal documents used in estate planning are wills and trusts.
A will is a legal document that specifies how you want your assets to be distributed after your death. It allows you to name beneficiaries for your property and assets, designate guardians for minor children, and appoint an executor to oversee the distribution of your estate.
Trusts are legal arrangements that allow a third party, known as a trustee, to hold assets on behalf of beneficiaries. Trusts can be used to manage and distribute assets according to specific instructions, potentially avoiding probate and providing greater control over how assets are used.
Whether you need a will, trust, or both depends on your estate planning goals. After reviewing your circumstances, our will and trust lawyers will advise you on which estate planning documents you need.
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One of the primary responsibilities of will and trust attorneys is drafting legal documents that accurately reflect your intentions. These documents may include wills, trusts, community property agreements, transfer on death deeds, powers of attorney, and advance healthcare directives. By leveraging our legal expertise, our estate planning attorneys will draft your estate planning documents, ensuring they carry out your intentions, are legally valid, and protect your legacy.
Advance directives, such as a healthcare proxy or living will, allow you to specify your wishes regarding medical treatment and end-of-life care if you become unable to communicate or make decisions for yourself. Our advance directive attorneys review the different options available and help you set forth clear guidelines for medical professionals and family members to follow in the event you are unable to make those decisions yourself.
Life is dynamic, and circumstances change over time. Estate planning attorneys help you review and update your estate plan whenever necessary. This ensures that your plan remains aligned with your current wishes and reflects any changes in your family, financial situation, or legal regulations. They can advise you on when and how often to review your plan, ensuring that it continues to address your evolving needs.
A power of attorney allows you to appoint someone to make financial, legal, or healthcare decisions on your behalf if you become incapacitated or unavailable. This can include managing your finances, paying bills, and making legal and healthcare decisions. Oftentimes, individuals have multiple powers of attorney varying in length and scope. Our power of attorney lawyers can meet with you, assess your needs and wants, and create a tailored power of attorney that protects you and achieves your goals.
Many assets, such as retirement accounts, life insurance policies, and certain bank accounts, allow you to designate beneficiaries directly. Ensuring that beneficiary designations are current is an important part of estate planning, as these designations typically override instructions in a will. Our estate planning attorneys will help you identify which accounts and policies can be distributed in a will or trust and which accounts and policies need beneficiaries designated so your estate planning goals are achieved.
If you have minor children, estate planning involves designating guardians who will care for them in the event of your death or incapacity. Oftentimes, this designation is outlined in a will but can also be set forth in a guardianship designation. Our estate planning attorneys will help you choose the best way to designate a guardian.
Estate planning may involve strategies to minimize estate taxes and ensure that your assets are distributed as efficiently as possible to your heirs. Our estate planning lawyers will assess your financial situation and advise you on whether you will be subject to estate taxes. If so, our estate planning lawyers will advise you on how to minimize any tax liability.
If you wish to leave a portion of your estate to charitable organizations, estate planning can help you do so in a tax-efficient manner.
Pets are part of the family, and just like children, you want to ensure they are cared for if you cannot do so yourself. Our pet trust lawyers can create a pet trust that will ensure your pets are cared for.
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