Practice Areas - Fundamental Estate Planning and Administration
Wills • Revocable Living Trusts • Medical Directives
Durable Powers of Attorney • Estate Administration
The Will governs the disposition of your property. Without a Will, you will be deemed to die “intestate” which means your assets will be distributed according
to the laws of the state in which you live. In other words, you will have no control. If you allow this to occur, don’t be surprised if your assets end up in the hands of some remote or
estranged heir whom you had no intention of benefiting. In addition if you have minor children, a judge will decide who will be their guardian and who will manage the assets that you leave
them. Although a Will must be administered through the public process known as “Probate” (something that can be avoided with proper planning) we include it as part of every estate plan.
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Even when estate taxes are not a consideration, a Trust can be a valuable addition to your estate plan. Whether established at death (Testamentary Trust), or
during life (Living Trust), they provide a means to control how, when, and for what purpose, assets pass to future generations. Living Trusts provide several other advantages. First,
because they can be revoked at any time and are not considered to be a separate taxable entity, they allow you to maintain complete control over assets during your lifetime without the
necessity to file a separate tax return. Second, a properly drafted and funded Living Trust eliminates the need to go through the public, time consuming, and often arduous process of
probating your assets. Third, the Living Trust provides for orderly control of assets during your life (as well as at death) including the ability to provide for any disability or
incapacity that may occur. Although the Living Trust must be funded to be effective, the process is primarily administrative and can usually be preformed with relative ease.
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A Medical Directive is an important legal document that we think is an essential part of every estate plan. It serves two functions. First, it acts as a 'living
will" containing provisions determining your desires as to what medical treatments should be utilized to keep you alive should death become imminent or if you are in a persistent
vegetative state without any chance of recovery. Whether or not you are in such a state is determined by medical professionals, usually including your attending physician and at least one
other medical doctor. Second, in addition to acting as a living will, your Medical Directive will also designate the person that you want to make medical decisions for you when you are
unable to express your preferences. Typically this occurs in situations where you are unconscious or in a mental state where you do not have the legal capacity to make decisions for
yourself.
During this stressful time, having a clear understanding in writing of your desires will prevent family disharmony and assist your physicians in providing the appropriate
treatment.
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A Power of Attorney is a legal document that names one or more individuals to make decisions for a client with respect to property owned by that client. Unless
drafted properly, the power may end if the grantor of the power becomes physically or mentally incapacitated. This can be cured through a "durable" power of attorney, which lasts through
incapacity, or a "springing" power, which only comes into being in the event of incapacity. A Power of Attorney ends at death and cannot be used as a means to avoid probate or transfer
ownership of assets. In addition, a financial institution may not honor it if it is not drafted on their form. Finally, if drafted too broadly, the power of attorney can be easily abused
leaving the grantor’s assets at risk. Consequently, although we often recommend this document, we are cognizant of its limitations and advise clients accordingly.
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The passing of a loved one can be a stressful and upsetting event. Consequently dealing with financial and legal issues often becomes a very difficult and
burdensome task for family members who are often still consumed with the grieving process. During this period we provide the sensitivity and compassion necessary to ease those family
burdens by completing the often complex and arduous task of estate administration. In doing so, we work with your executors and trustee and other family members and professional advisors
in filing all necessary documentation and ensuring that the process is carried out smoothly and in accordance with your wishes.
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