Many people have the best of intentions when it comes to planning their estate:  “I’ve been meaning to write a Living Will for some time.”  “I’ve been trying to make time to set up a Trust for years.” “Another year almost gone and I still have no idea what would happen to my property if I were to pass away now.”

These are all common statement we hear from clients this time of year.  There’s no time like the present to set all these matters right with some basic estate planning tools.

Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure.  It can involve the services of a variety of professionals, including your lawyer, accountant, financial planner, life insurance advisor, banker and broker. Estate planning covers the transfer of property at death as well as a variety of other personal matters and may or may not involve tax planning.   Estate planning services provided by this office include:

•  WILLS – The core document most often associated with the estate planning process is the will.  Wills can be of various degrees of complexity and can be utilized to achieve a wide range of family and tax objectives. If you die intestate (without a will), your state’s laws of descent and distribution will determine who receives your property by default. A will provides for the distribution of property owned by you at the time of your death in any manner you choose.   If a will provides for the outright distribution of assets, it is sometimes characterized as a “simple will.” If the will establishes one or more trusts, it is often called a “testamentary trust will.” Alternatively, the will may leave probate assets to a preexisting living trust (created in your lifetime), in which case it is called a “pour over will.”
•  TRUSTS – Trusts are legal arrangements in which you, the grantor, place assets in trust for the benefit of others, the beneficiaries. Simply put, a trust is a way of holding title to your assets.  Trusts are invaluable estate planning tools that can be set up under the provisions of your will, or established during your lifetime.   The term “living trust” is generally used to describe a trust (a) which you can create during your lifetime, and (b) which you can revoke or amend whenever you wish to do so.  While you are living, the trustee (who may be you) is generally responsible for managing the property as you direct for your benefit. Upon your death, the trustee is generally directed to either distribute the trust property to your beneficiaries, or to continue to hold it and manage it for their benefit.  Like a will, a living trust can provide for the distribution of property upon your death. Unlike a will, it can also (a) provide you with a vehicle for managing your property during your life, and (b) authorize the trustee to manage the property and use it for your benefit (and your family) if you should become incapacitated, thereby avoiding the appointment of a guardian for that purpose. A living trust also allows you to keep assets out of the expensive probate process.  A living trust is usually drafted by an estate attorney in coordination with your accountant and/or other financial professional. Your wishes, goals, and financial situation are reviewed so that a complete, carefully designed trust is enacted.
• OTHER SERVICES – Other services our office provides include Powers of Attorney, Living Wills,  Annual Gift Tax Exclusions, Irrevocable Life Insurance Trusts, Family Limited Partnerships, Children’s or Grandchildren’s Irrevocable Education Trusts, Charitable Remainder Interest Trust, Fractional Interest Gifts.

If you have a well-drafted estate plan in place, you’ll ensure that your estate passes to whom you want, when you want, and is carried out in the manner you’ve chosen. You can rest assured that your family won’t have to endure the public process and costly matter of probate. The government won’t be able to take what you’ve spent a lifetime building. But you need to be aware of the many options that exist in estate planning – and you must choose your estate planning attorney wisely. 

Call our office today at (501) 329-3179 to set up an appointment.