1.
What is estate planning?
Estate planning is the process by which you determine to whom your assets will
be transferred upon your death. No matter how big or small an estate, a
sound estate plan will ensure that your assets are distributed according to
your wishes. Moreover, a comprehensive estate plan will allow for the
management of your financial and health matters in the event of incapacity.
2. Why do I need an estate plan?
Either you make your own estate plan during life, or the State of
3. I have minor children, do I need to name a guardian?
A guardian is an individual appointed by the court to take custody of the minor
child and/or their estate. If you don't name a guardian in your will, the
court will choose one for you. A will is the only place where you can
name a guardian for your minor children.
4. How do I choose a guardian for my child?
Ideally, you should choose someone whom you trust and who has a similar
parenting style and belief system as you.
5. What is a will?
A will is a document that allows you to distribute your property to whomever
you wish. Specifically, it allows you to name your beneficiaries and
executor. It also allows you to name a guardian for your minor children.
6. What is probate?
Probate is the legal proceeding that validates your will, pays your debts, and
distributes your assets upon your death. Probate is necessary when a
person dies either will or without a will.
7. Is probate expensive?
The compensation for attorneys and executors is statutorily predetermined based
on the Fair Market Value (FMV) of your estate. The cost of going through
probate can be quite high.
8. Is probate time consuming?
A typical probate administration can take upwards of six months to one year to
complete. Complicated estates can take more than a year to
complete.
9. Does a trust avoid probate?
A properly drafted and executed trust can avoid the time and expense of probate.
10. What should an estate plan include?
A comprehensive estate plan will generally include the following: living trust,
pour-over will, financial durable power of attorney and advance health care
directive.
11. What is a Living Trust?
A living trust provides instructions for final affairs. It names who is
to receive assets upon death and it provides for the management of your assets
without court intervention in the event of incapacity.
12. What is a Financial Durable Power of Attorney?
A financial durable power of attorney is a document that allows you to appoint
an agent to act on your behalf. Depending on what you specify, the
appointment can become effective immediately or only in the event of
incapacity.
13. What is an Advance Health Care Directive?
An Advance Health Care Directive is a document that allows you to appoint an
agent to make medical decisions for you in the event you are unable to do
so. It also allows you to indicate what your wishes are with respect to
end-of-life choices.
ESTATE PLANNING PACKAGES