Our Estate and Trust Planning services will help ensure your property and assets will pass to your loved ones in accordance with your wishes. Our estate planning practice covers a wide range of needs, including the preparation of wills and codicils, the creation of trusts, the preparation of durable powers of attorney, limited powers of attorney, and other similar instruments to assist with the management and ultimate passing of assets during life and at death.
There is no one-size-fits-all solution. The specifics will depend on your individual circumstances. Below is a guide to help you navigate the process.
- Assemble a team. You will need an experienced team to help you create your estate plan. Some professionals to consider are financial advisors, tax professionals and an estate planning attorney.
- Outline your wishes. It is very important to clearly outline your wishes regarding your assets and dependents in your estate plan. Documents to consider in your estate plan should be an Advanced Health Care Directive, a Living Will, a Durable Power of Attorney, Last Will, and Testament.
- Consider Trusts. These documents are designed to hold money and other assets. You decide what goes into the Trust, who gets assets, and how your assets are distributed. Some Trusts to consider are Revocable Trusts, which allow you to revise or terminate the trust at any point before you pass. Irrevocable Trusts cannot be changed or terminated once created.
- When preparing your estate plan, you have the opportunity to name your beneficiaries. It’s important to remember any money you have in accounts with names of beneficiaries will go to those named individuals, even if your estate plan names someone different. These accounts could be retirement plans, life insurance policies, and bank accounts.
- Don’t forget about your digital assets. You may have photos saved in social media accounts that are password protected. Often times service providers will not disclose deceased person’s passwords. Designate a digital fiduciary in your estate plan. That person will have the right to access your digital assets.
Don’t wait until you’re in a situation that would prevent you from preparing your estate plan. If you’re married or have children, you should strongly consider preparing now.
