Estate Planning

Proper estate planning is a vital part of every responsible person’s financial plan.  Estate planning is growing increasingly complicated.  Wills are still very commonly used, but trusts are also very valuable planning tools and often are necessary to meet a person’s or family’s needs. I can assist you with the following:

 

  • “Basic” estate plans: this includes a will, financial power of attorney, medical power of attorney and an advanced directive (also known as a living will).  All four parts are absolutely necessary for the most basic of estate plans.  If one part is lacking, the could have major consequences.
  • Contingent trusts: these are very popular trusts and are especially common among couples who have minor children.  Such trusts prevent a huge payout of money to 18-year-olds, who are not responsible enough to handle such payouts, in case of the death of both parents.
  • Inter vivos trusts: these are trusts that become effective during the life of the person who forms the trust, as opposed to testamentary trusts, which takes effect after the death of the person who has formed the trust.  Inter vivos trusts have many uses and tax implications, so they must be constructed with great care.
  • Will contests: sadly, it is not uncommon to see situations where a person has exercised “undue influence” upon another in an effort to inherit their property upon their death.  Unfortunately, previously lost or forgotten family members may suddenly pop up in the last months of a person’s life, and then make numerous changes to a person’s estate plan in an effort to deprive legitimate friends of family members of their inheritance.  Efforts can be taken to guard against such actions and to undue the harm once they’ve been completed.
  • Probate: a person’s property often ends up in probate upon their death.  The process can be quite intimidating for the person’s remaining friends and family members, but it doesn’t have to be if you have proper counsel.

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