Wills and Trusts as Part of Estate Planning

No one likes to think about their own mortality, but the time and effort taken now to plan how your assets will be distributed to loved ones can go a long way toward providing peace of mind that the people and causes you care about are taken care of when you pass. 

It is important to plan in such a way that the management and distribution of your estate, during both life and after you pass, will not present an undue burden on your designated beneficiaries in the form of taxes, expenses, or management difficulties. The Firm can help you meet your specific goals, whether simple or complex.

Plans are just that – plans, and we all know that plans don’t always progress the way we hope. Should things change after you’ve created your estate plan (marriage, divorce, birth of a child, career change with greater income, you win the lottery), updating your plan through a codicil or other document can be done easily. The Firm provides yearly contact to remind you of the possible need to update your will.

Start with the basics of estate planning:

· A Will, which will include the naming of an executor and beneficiaries, how you want your real and personal property distributed, guardians for minor children, and the establishment of trusts if desired. Even a simple will can ensure that your estate will pass to your designated beneficiaries.

· Advance Directive for Healthcare – this document will address end of life decisions, medical care you want or don’t want in the event of prolonged illness, and the naming of a health care agent to carry out your medical treatment decisions

· Financial Power of Attorney – a document that details how you would like your financial affairs managed in the event you are not able to manage them yourself.

Combined, these three documents provide peace-of-mind that you have planned as well as possible for the continuation of your estate/legacy, and that your loved ones are taken care of.

The Firm can also assist in business succession planning if you own your own business so that the business can continue in the right hands and with a solid foundation.