There are different types of wills and trusts used in the field of estate planning, and it can all be kind of confusing for someone who does not work in the field. This is understandable because we are in the same situation when it comes to subjects that are outside of our profession. In an effort to provide some clarity, let’s look at the different types of wills that are sometimes used. Simple Wills The one estate planning document that everyone has heard of is the simple will, which is … [Read more...] about Wills Demystified
A lot of people think that estate planning is all about the creation of a will or trust to facilitate asset transfers when the time comes. This is definitely a large part of the equation, but a well-constructed estate plan will also address end-of-life issues. People often do not pass away after being perfectly capable of communicating sound decisions up until the end. You should certainly account for this when you are developing your estate plan. Advance directives for health care will be … [Read more...] about The Importance of Advance Directives for Health Care
When you are thinking about the subject of estate planning, the matter of asset transfers will be front and center. It is definitely important to take the right steps to get bequests into the hands of your loved ones in the best manner. There are a number of approaches you can take, and this is why you should discuss your options with a licensed estate planning attorney from our firm. This being said, there are some other matters to address when you are devising your estate plan. In addition … [Read more...] about Don’t Overlook Incapacity Planning
Many tools are available to craft an Estate Plan that meets your needs. One of the most flexible tools in Estate Planning is the Living Trust. A Living Trust is a legal tool that ensures that your estate will take care of an heir or heirs in a very specific manner, according to your wishes. Examples include: A trust fund for a minor, with disbursements over time – a schedule that you set up A fund for a special needs or disabled person, especially one who may need special care for a long … [Read more...] about Living Trust Options Allow Flexibility, Protection and Probate Avoidance
Everyone age 18 or older needs a health care power of attorney. While you are able, you’ll continue to make all your own health care decisions. But, if there comes a time that you are unable to make your own health care decisions, then a trusted loved one will make those decisions for you. If you want to control who makes those decisions, you need a power of attorney for health care. Who should I name as my health care power of attorney agent? You should appoint someone who loves you, is … [Read more...] about Why Do I Need a Health Care Power of Attorney?
You’ve probably been told at some point in your life that you need a will and a living will. While these legal documents are an important part of planning, it is important to understand what each document offers. Take a look at the following guide to learn the importance of both a will and a living will. If you don’t have either in place, consult with a qualified estate planning attorney. What does a will do? A will is a legal document that you create during your lifetime. This document … [Read more...] about Do I Need a Will or a Living Will?
Some of our clients walk into our offices knowing that they want a living will. Others don't exactly know what a living will is. Here are some of the most frequently asked questions about living wills: Is a will the same as a living will? No, they have different purposes and are effective at different times; a will is effective after your death, but a living will applies while you are alive. You will probably want both a will and a living will. What is the purpose of a living will? A … [Read more...] about FAQ: Living Wills