ESTATE PLANNING & ADMINISTRATION

What is an estate plan?

An estate plan is a comprehensive strategy and documents that describe how your assets, healthcare decisions, and child guardianship will be managed if you become incapacitated and after you die.  An estate plan typically:

• Appoints someone to make health care and financial decisions if you become incapacitated;

• Explains your desires for end-of-life care;

• Names guardians for your minor children;

• Describes your wishes for your burial or cremation, funeral, memorial service, etc.;

• Makes specific gifts to to certain beneficiaries;

• Places property in trust for your beneficiaries; and

• Reduces family disputes about the management of your estate.

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Why do I need an estate plan?

​If you die or become incapacitated without an estate plan, then a court will make important decisions for you, including:

• Who will be your guardian (if incapacitated);

• How your assets will be distributed after you die;

• Who will be in charge of managing your estate; and

• Who will be the guardian of your minor children.

These court proceedings often lead to family disputes and can result in substantial attorneys fees.  

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What documents are typically included in a comprehensive estate plan?

Most clients will need a trust, will, general durable power of attorney, health care power of attorney, health care directive, and HIPAA authorization.  Optional documents include last wishes, specific gifts list, and organ donation forms.  Other components of an estate plan include proper designation of beneficiaries under life insurance policies, bank accounts, retirement accounts, pensions, etc.

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What is a trust?

A trust is a legal entity in which a person or couple (the grantor) gives another person or entity (the trustee) the right to hold title to and manage assets for the benefit of the trust's beneficiaries.  One type commonly used in estate planning is a revocable trust, under which the grantor, initial trustee and initial beneficiary are the same person.  This type of trust allows for maximum flexibility for management of the trust assets during the life of the grantor, including the power to revoke the trust and obtain the trust assets free of trust. 

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​Do I really need a trust, or is a will enough?

The answer depends on your assets, goals, family structure, and privacy concerns. Trusts may help avoid probate and provide management continuity, but they are not necessary in every case.

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What is a general durable power of attorney?

A power of attorney authorizes someone to act on your behalf.  A general durable power of attorney allows your agent to make financial and legal matters decisions for you if you are incapacitated (such as if you develop dementia).

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What is a health care power of attorney?

A health care power of attorney allows your agent to make health care decisions for you if you are incapacitated (such as if you are unconscious or develop dementia).

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What is a health care directive?

A healthcare directive allows you to designate someone to make medical decisions for you if you cannot do so yourself. It outlines your preferences for medical care, and informs your family, health care agents and medical professionals about your wishes.

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How often should I update my estate plan?

Estate plans should be reviewed periodically, and updated after major life events such as marriage, divorce, birth of a child, relocation, or significant asset changes.

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Can you help with business succession planning?

Yes. We coordinate estate planning with business ownership structures to promote continuity and clarity.

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What is a family LLC?

A family LLC is a strategic estate planning tool often used for vacation homes to provide for family property-sharing across generations, liability protection, creditor protection, clear management and decision-making roles, and reduction of family conflicts.

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Do you help trustees with trust administration?

For non-lawyers, trusteeship can seem daunting.  We help trustees adhere to the terms of the trust and applicable law, in a manner that helps protect trustees from liability.

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What is probate?

Probate is the process for administering the assets and liabilities of a person's estate after death.  There are several different types of probate available in each state.  The applicable type for a person's estate depends on the value and type of assets in the estate.  Proper estate planning can help avoid the need for complicated, expensive and time-consuming probate proceedings in court.     

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Do you handle probate and estate administration?

We assist with probate and estate administration matters, and help families understand and follow procedural and legal requirements.