The following are a few of the questions that clients frequently ask about Estate Planning:

What is “Estate Planning”?

• Estate planning consist of a strategy to dispose and/or manage assets, handle health care decisions, protect underage or handicapped individuals; as well as other benefits, through the use of estate planning documents.
• These documents allow the family to make important decisions in times of crisis without probate court intervention.

• The three major benefits of having estate planning documents are privacy, personal control and ease of administration of your estate.

What do the documents consist of?

•  The Revocable Trust Agreement is essentially a Will that does not have to be probated.  All Wills must go through probate, contrary to popular belief.

• Durable Powers of Attorney allow you to give legal authority to people that you trust, to carry out financial and medical directives when you are unable to take care of yourself.

• The Living Will states your wishes regarding life support as is now known as an Advance Directive to Physician.

What do I need to do to get started?

• Name Successor Trustee(s) – people who will handle your assets after death and distribute them  to named beneficiaries.

• Name Durable Powers of Attorney(s) - for financial and health care decisions when you are incapacitated.  Spouse is always first.

• Name Guardian(s) for your children

• Distribution of assets - figure out how you want your money divided when you are gone.  This does not include personal items, which are handled separately.

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