What is an estate plan?
An estate plan is a series of documents that address the management and disposition of your property during life and upon death. An estate plan allows you to determine who will care for your children and how your property will be managed for them upon your death.
What if I don’t have an estate plan?
Without an estate plan, state statutes determine how your property will be distributed upon your death and court proceedings determine who will be named the guardian of any minor children. This can be expensive, time-consuming, and can lead to family disputes.
What comprises an estate plan?
Typical estate plans include a will, a revocable trust, a power of attorney for property and a power of attorney for health care. In some cases, a simple will, without a trust, may be sufficient.
What is a will?
A will is a declaration of your wishes regarding the disposition of your property upon your death. A will may be revoked and amended during life. A will allows you to select guardians for your minor children.
What is a trust?
A trust determines how your property is to be managed and distributed during your life and upon your death. Revocable trusts may be revoked or amended during life. Trusts may be set up to manage assets for your children upon your death.
What is a power of attorney for property and power of attorney for health care?
A power of attorney for property allows you to name an agent to make financial decisions on your behalf if you are unable to do so. A power of attorney for health care allows you to name an agent to make health care decisions on your behalf if you are unable to do so.
What else is involved in estate planning?
Full-service estate planning can involve tax and financial planning. In fact, many clients have estate planning work done for the sole purpose of tax planning as part of their overall financial planning, both during life and upon death. Trust is able to provide new families with high-quality estate planning documents for a fee significantly lower than full-service estate planning firms because Trust does not provide tax and financial planning services. Trust does not provide counsel for those who require comprehensive estate planning related tax and financial services, such as tax minimization techniques, business succession planning, or investment guidance.
Is estate planning just for wealthy people?
No, all parents need an estate plan. Trust is ideal for new families who need an estate plan, but who are not looking for comprehensive tax and financial planning.