Estate Planning

Making a plan for when you are no longer there to provide for your family, care for your pets or run your business may seem daunting. No one wants to think about a future they are not a part of, but making an estate plan is necessary.

With proper Estate Planning  you’ll enjoy knowing that no matter what the future holds, your loved ones will be taken care of.

Putting the work in now to create an estate plan will benefit your family, business, and pets for years to come.

Elements of Estate Planning

While everyone’s needs will be different, there are several documents commonly drafted as part of anyone’s estate planning.

LAST WILL & TESTAMENT

A Will is a document that shares your wishes regarding your assets and, if applicable, custody of your children or pets, when you die. Although this is a legal document, it will not keep your loved ones from going through the probate process. Probate is a legal proceeding that can take months or years depending on the circumstances in which a judge has to give the asset legally to a person or persons when the owner is no longer living. The Will will give instructions to the judge about what your preferences are, but he or she does not have to follow those instructions. That is why we typically encourage clients, especially those with children and valuable assets, to invest in a trust to ensure nothing is left to the discretion of a judge.

TRUST

There are several components to a Trust. The first part is choosing a Trustee to act as your representative upon your death. Typically, you will also choose one or two back-up Trustees in case your first choice predeceases you or is unable or unwilling to perform their duties as Trustee. Then, the document will give them authority over finances, life insurance proceeds, funeral planning, etc. so they can make necessary decisions. 

DURABLE POWER OF ATTORNEY

Often, there are 2 types of authorities given in a Durable Power of Attorney. One is for financial decisions and the other is for medical decisions. Under each, you would appoint a representative to make those decisions for you once you’re no longer able to do so yourself. You would also choose one or more successors in the event that your first choice is unable or unwilling to perform their duties. In this document, you would give them authorities over said decisions. Financial authorities would include access to bank accounts, the ability to sell property, and to re-title any property owned. Medical authorities would include access to medical records, decisions regarding surgeries or treatments, and long-term care decisions, to name a few. 

HEALTHCARE DIRECTIVE

This is a legal document that gives instructions regarding medical wishes and decisions in the event that you are unable to communicate them yourself. This can include wishes about life-prolonging procedures, medical treatments you want or do not want, and circumstances in which you wish to be given or not given those treatments.

POUR OVER WILL

A Pour Over Will is only used in conjunction with a trust. It simply states that if you forgot to include anything in your trust, your wish is that it would be given over to the trust when you pass away. 

BENEFICIARY DEED

If you own a home or land, you can use this document to transfer the ownership from you personally to your trust. The reason this is beneficial is that when you pass away, ownership and control of that property automatically goes to your trust. If that property needs to be sold for any reason, your trustee can proceed with that action without waiting on the slow process of probate. 

ASSIGNMENT OF TANGIBLE PROPERTY

This is a short, simple document one would sign to transfer all owned property into the trust they created. That way, all assets are under the legal authority of the trust.

SPECIAL GIFT & BEQUEST LIST

You can create a list of specific items you own, such as jewelry, guns, etc. to give to a specific person in the event of your passing. This can help make the division of valuable assets a little simpler and ensure special or sentimental items are given to the person who would live them most.

With over 10 years of experience, Finder Law is here to help you with developing everything from a simple last will & testament to the development of an estate plan that will cover all your assets and protect your legacy.

Contact us today for a free consultation.