The Creation of an Estate Plan is Essential
An "estate plan" is a general term to describe the combination of various legal documents, including Wills, Trusts, and other legal documentation that states your wishes for yourself, your family, and your assets in the event of your death or incapacity.
Services that we provide:
Advisement and Formation of:
Revocable Living Trusts
Irrevocable Trusts, including Qualified Income Trusts
Durable and Medical Powers of Attorney
Family Settlement Agreements
What if I pass away without any form of estate planning?
If you pass away without a Will ("intestate"), the state will decide who gets distributed your assets, without considering your wishes. In addition, the state will also decide how best to care for any minor or disabled children that you leave behind.
What if I have already created an estate plan for myself and my family?
You should review your estate plan every couple of years and after major familial changes- such as marriage, divorce, birth of a child, death of a family member named in such documentation, or major changes in financial circumstances
Do I need a separate tax return for my revocable living trust?
As long as the living trust remains revocable, no separate tax return is required and all income derived from your assets would be reported on your own individual income tax return.
What is the difference between a Will and a Revocable Living Trust?
The basic difference between a Will and a revocable living trust is that a Will needs to be submitted to probate court before it can be deemed effective, while assets in a revocable living trust can be controlled by the Trustee(s) and Successor Trustee(s) and distributed to the deceased person's beneficiaries without having to go through the probate process. There are also many other benefits of a revocable living trust.
If there is a concern that a Will may be contested, a revocable living trust is a more valuable vehicle for an estate plan. If a Will is contested, regardless of whether it has merit, no actions may be taken regarding the deceased person's estate until the contest is resolved. If the assets are within a revocable trust, the Trustee(s) or the Successor Trustee(s) may continue to have access to the deceased person's assets and manage the trust on the behalf of the beneficiaries, unless the contestant successfully obtains a restraining order.
How do I know whether a traditional Will or a revocable trust is right for me?
During your consultation with one of our attorneys, we will review your estate and the goals you are trying to achieve in order to make the best recommendation to which estate planning vehicle would be best suited for you and your family. Please feel free to contact our office to schedule your appointment for a complimentary consultation.