While every situation is unique, most estate plans are built on these building blocks. After a thorough inventory of your assets and discussion of you goals, we can help you decide which combination is right for your and your family.
Revocable (living) trust
A revocable trust is created when an individual (the grantor) signs a trust agreement naming a trustee to administer the trust. The grantor and the trustee can be the same person (you). The trust takes legal title to the assets that you decide to include in the trust. Assets in the trust are transferred to your beneficiaries outside of the probate process with greater privacy than a will.
Continuity of management during disability
Flexible, easily amended
Avoidance of probate
Assets available during life
wilL (including a pour-over will)
The most basic building block of any estate plan - without one the rules of probate dictate where your estate goes and who raises any minor children. A standard will may include an additional provision that “pours over”, or automatically transfers, any assets into your living trust in the event assets are somehow not named in the trust. This provides extra protection from probate.
You, rather than the court, decide:
Who raises your minor children
Who gets items of sentimental value
Who becomes the executor of your estate
Health care directives and powers of attorney
A set of documents laying out your wishes on medical and financial matters if you become incapacitated. These include your preferences regarding end-of-life issues, pain care, and who manages your financial accounts. Absent these directives, a conservator proceeding may be necessary.
You decide who manages your affairs
Ensures your spiritual desires are carried out
Avoids potentially embarrassing and contentious conservatorship proceedings
Ensure your financial affairs remain in order
Have you been designated as the successor trustee on a relative’s trust? We can help you navigate through the process of managing an often confusing and daunting process with patience and compassion.