Whether you’re looking to protect your assets or decide how you’d like to proceed if you become impaired, estate planning encompasses it all, but don’t forget about administration. This step helps streamline the activation of your estate plan when the time comes.
Most people associate estate planning & administration with just a will, but there’s more to do to plan for every situation and ensure your plan’s administration is streamlined. We can write wills and trusts, coordinate powers of attorney and healthcare representatives, and help you avoid probate. We are experienced in comprehensive estate planning & administration and can help protect you and your loved ones.
A will states who will receive your assets and belongings–and in what amount–after you pass away, who will take care of any young children, and who will manage your estate.
Trusts are assets held by a trustee, whether you or a third-party beneficiary. There are many benefits to putting assets in a trust, such as a more streamlined estate administration, addressing certain family situations, or even certain tax exemptions. Trusts may be helpful if you own property in other states or want your estate administered outside the courts. Let’s discuss how setting up a trust can protect your legacy.
A financial power of attorney authorizes one or more individuals to handle financial matters on your behalf if you cannot or choose to have them act on your behalf for convenience.
An appointment of a health care representative authorizes one or more individuals to make medical and end-of-life decisions for you if you cannot make those decisions for yourself.
A living will provides your healthcare representative direction regarding medical treatments, life-sustaining measures that you would or wouldn’t want to be used, and preferences concerning pain management and organ donation.
Succession planning applies to how you would like to pass on your business venture, whether that means passing it on to the next generation or exiting the business through a sale. This plan will control how much is owned by which parties and when. A strong succession plan is a smart way to prepare for the inevitable.
Guardianship is a legal relationship between a competent adult, often called the guardian, and a person who can no longer care for their own affairs, often called the ward. This type of relationship can be helpful for people with special needs or older adults who have become incapacitated. Guardianship may apply to the ward and to the ward’s property. Guardianship is usually court appointed, while the ward chooses power of attorney.
Probate occurs after a person has passed away. It is a court-supervised proceeding that authenticates your will and approves your chosen executor. Probate may still be used even if someone does not have a will. However, if you’ve completed comprehensive estate planning, you may not need it. This depends on how your assets were titled and at what level.
Probate Litigation Unfortunately, not every family comes together after a loved one has passed away. When that happens, handling the decedent’s estate can become more contentious, especially if the decedent’s mental capacity or decisions are questioned. We have experience working with families to mediate, and—if necessary—litigate these issues. If you believe something isn’t right with how your loved one’s wishes are handled, let’s connect.
