Frequently Asked Questions
What Is An Estate Plan?
It is really just a set of instructions for your loved ones that addresses what you would like to happen if you become disabled or die. However, it is critical that your documents are properly drafted and executed so that they are legally binding and your wishes are followed.
What Is The Advantage Of Setting Up An Estate Plan Rather Than Just Doing Nothing?
Like many events in life, having a plan can help you, and the ones you love, avoid many problems and frustrations that come with dealing with mental incapacity or with trying to transfer someone's property after they die.
Why Do Most People Spend The Time And Money To Set Up An Estate Plan?
They care about their loved ones and don't want to create unnecessary work and expense for them after they die.
What Is The Difference Between A Will And A Trust ?
The primary purpose of a will is to give directions on how your property will be distributed upon your death. Property distributed by a will requires a Probate and is distributed directly to the beneficiaries at the end of the probate. At that point, the property belongs to the beneficiary and is subject to any debts or obligations the beneficiary may have. Wills can also contain instructions regarding the care of minor children, gifts to charity, and foundations. In order for a will to be legally valid, you must sign the will in the presence of two witnesses, you must be mentally competent, and not acting under duress or under the controlling influence of another.
Trusts are legal entities that can replace or supplement wills, as well as help manage property during your life. Most people set up trusts in order to avoid probate. However, it is also possible to accomplish many things with a trust that you cannot with a simple will. A trust can contain instructions regarding your wishes in the event of your disability and manage that privately rather than through court. A trust can manage the distribution of property for your beneficiaries and can minimize taxes and therefore, leave a larger inheritance to your family and loved ones. A trust can also be used to protect assets that you want your beneficiary to enjoy rather than those who may have claims against your beneficiaries. A trust also can reduce the beneficiary's tax and allow the assets to grow over time. They can also be established for the benefit of charitable organizations.
What Is Probate?
Probate is the legal process of transferring property following a person's death. If a person dies "Testate" (with a Will), or "Intestate" (without a Will), a probate is required to be opened and monitored by the appropriate local court. Once a probate is opened, it also becomes a matter of public information. Although probate customs and laws have changed over time, the purpose has remained much the same: to make sure that your intentions regarding the transfer of your property at the time of your death are followed. Your property is collected, inventoried and appraised, certain debts are paid from the estate and the property is distributed according to your will after debts and taxes are paid. However, most probates can be costly, time-consuming, and complicated.
Why Can't I Just Find A Form For A Will Or Trust On The Internet And Use That Instead Of Paying An Attorney To Do It For Me?
You can. Unfortunately, your loved ones will pay the price because most form documents that you can find on the internet and elsewhere were designed for someone else's situation, not yours. In fact, many documents you will find on the internet do not comply with the laws of many states. Read the fine print and disclaimers.
Why Don't Most Trusts Actually Accomplish The Simple Goal Of Avoiding Probate?
Most trusts are not properly funded. This means that after they are set up, the client's assets are not transferred into the trust, therefore the trust does not control the asset and the client's family ends up going through Probate, the very thing that everyone was trying to avoid. This means that all the money that was spent on setting up the trust was wasted.
Why Should I Choose Your Firm To Help Me With My Estate Planning Instead Of Someone Else's?
My Firm offers some unique services that most Firms do not. I take the time to meet with all of my clients and discuss their personal and family situation before I create a single document for them. I know how to provide many benefits and protections for my clients and their loved ones that most attorneys simply do not bother to provide. I also take on the responsibility of transferring your assets into your trust after it is formed so that it will actually accomplish all the things that you want it to. Finally, I provide an annual update and maintenance program to ensure that your plan stays up to date and current with any changes that occur in your life and in the law. This means that the money you spend on setting up your plan with my Firm will not be wasted and will be money well spent.