Common estate planning tools include:
Wills
A will serves as the foundation of many estate plans. It outlines how property and assets should be managed and distributed, establishes guardians for minor children, designates beneficiaries, and establishes trusts.
Wills can be updated to reflect new priorities and circumstances. Our attorneys are fluent in current tax and estate law and are well-equipped to guide clients through the process of creating and updating properly prepared wills.
Trusts
A trust is a legal arrangement designed to hold and manage assets for the benefit of individuals or organizations of choice. Unlike a will, a trust guides how assets are managed now and in the future.
Trusts help avoid probate, minimize tax burdens, protect assets, and provide long-term financial management. Our specific expertise includes revocable, irrevocable, charitable remainder, special needs, generational, and life insurance trusts.
Durable Power of Attorney
A durable power of attorney allows an individual to appoint a trusted individual to handle financial or legal matters on their behalf if they are unable to do so themself.
By creating a durable power of attorney, the established authority can remain in place during unexpected situations, ensuring decisions can be made smoothly.
Medical Directives
Medical directives allow a person to communicate their healthcare preferences in advance. These documents guide medical providers and loved ones, eliminating uncertainty and ensuring healthcare decisions are respected.
There are multiple Advance Directives to choose from, and we help each client select the one that best meets their preferences.
Beneficiary Designations
Certain assets, including financial accounts and real estate, can often be transferred directly to designated beneficiaries without the need for probate proceedings. Beneficiary designations help simplify the transfer of ownership for your loved ones. You maintain full control of assets during your lifetime while ensuring clear instructions are in place for the future.
WHAT CAN BE INCLUDED IN AN ESTATE PLAN?
Assets commonly incorporated in an estate plan include:
- Real estate, including home, vacation properties, rental properties, etc.
- Vehicles and recreational property
- Retirement and investment accounts, including stocks, bonds, and mutual funds
- Bank accounts, including checking, savings, and money market accounts
- Business ownership interests
- Personal property, including pets, jewelry, art, and family heirlooms
- Life insurance policies
Every client’s situation is different. We work closely with each individual to determine which planning strategies best align with their goals and priorities.
WHO SHOULD HAVE AN ESTATE PLAN?
Estate planning is beneficial for everyone, and a well-prepared plan provides direction, protects interests, and simplifies important decisions for loved ones. Every adult should have an estate plan in place that can grow and evolve with the person.
Estate planning is particularly important for:
- Business owners and entrepreneurs
- Parents with minor children
- Married couples and blended families
- Individuals planning for retirement
- Individuals wanting greater control over future financial or healthcare decisions