Many people put off making end of life arrangement, and it’s easy to see why: awkward discussions with the kids, having to think about end of life decisions, or thinking that it’s just too expensive. On top of that, add all of the technicalities and legal jargon that come with putting together an estate plan that not only will be valid, but will accurately convey your wishes and instructions as well. The process can quickly become overwhelming, both mentally and emotionally. It is extremely important, however, to have a plan in place now so that you and your family are prepared if you become incapacitated or pass away. If you’re looking at putting together a plan to protect your family and assets for the future, you don’t have to go it alone. We’re here to help.
What is the difference between a will and health directive/power of attorney?
The biggest difference is that the protects and guides your assets and your family after you pass, while the and protect your assets and guide your family regarding your health and financial matters if you become incapacitated during your life. These three documents form the backbone of estate planning. Together, they create a plan to protect you and your family no matter what should happen in the future.
What is probate?
is the legal process by which your will is proven valid after you pass away, and your assets are identified and distributed to your heirs.
How does a trust fit into estate planning?
Simply put, a trust is an arrangement whereby your assets are held by a third party, called a Trustee. When you create a trust, you assign one or more beneficiaries who will inherit the assets and property held in trust upon your death. Trusts often can avoid probate, so your beneficiaries may be able to gain access to the property or assets held in a trust more quickly than they would those transferred by a will. A trust is created while you are living, and can modified by you throughout your life. A trust is not limited to just money. Many types of physical property, including real estate, can be held in a trust. Whether a trust is right for your estate plan will depend heavily on your specific situation and needs. If you’re considering adding a trust to your estate plan, contact us now to discuss whether this could be a good fit for you.