Frequently Asked Questions
Below are some of the most frequently asked questions:
Why should I care about Estate Planning?
Estate planning is crucial in ensuring that your assets are allocated according to your desires, cutting down on tax liabilities, and providing financial security for your loved ones–especially minor children.
When is the ideal time to create my personalized Estate Plan?
It’s a good idea to start planning your estate when you get assets or have dependents. This includes just about anyone with a bank account or any assets to your name. You can change and update your plan as your life changes.
How does probate impact an estate?
Probate, a legal validation process for Wills, can significantly influence asset distribution. Estate planning strategies can help mitigate the impact of probate.
How does Estate Planning assist in tax reduction?
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Can I modify my Estate Plan? How frequently should I reassess it?
Regular reviews and updates are recommended, especially after significant life events like marriage, divorce, childbirth, selling a business, acquiring new assets, or financial changes.
Is an Attorney necessary for Estate Planning?
Although basic documents can be found independently, consulting an experienced estate planning Attorney is advisable for legal compliance and tailored solutions. We offer revisions of your current plan to determine if the plan is adequate and current.
Define a Family Living Trust.
A Family Living Trust is a legal entity that oversees asset management during one’s lifetime, facilitating smooth asset transfer after death while bypassing probate. Trustees are in charge of the distribution of assets through a Trust.
What exactly does Estate Planning include?
Estate planning is the process of creating a plan for the handling and dispersal of an individual’s assets throughout their life and beyond.
Which documents are usually part of an Estate Plan?
Documents might include a Will, Healthcare Directive, Financial Durable Power of Attorney, a Living Family Trust, and Asset Transfers. Other asset protection documents may be added to an estate plan as well.
What is the difference between a Will and a Trust?
A Will outlines asset distribution after you pass away and still goes through the probate process, while a Trust facilitates asset management and distribution during and after one’s lifetime, often sidestepping probate.
Define a Living Will and an Advance Healthcare Directive.
A Living Will articulates medical treatment preferences at the end of your life or throughout a period in which you are unconscious. An Advance Healthcare Directive designates someone to make medical decisions on your behalf when you are incapacitated or otherwise unable to make decisions for yourself.
What happens if I pass away without an Estate Plan?
In the absence of a Will or Trust, state intestacy laws dictate asset distribution, possibly diverging from your actual wishes.
What's the price range for Estate Planning services?
Costs fluctuate based on estate complexity and service requirements. It’s crucial to discuss fees and services with your selected attorney. See our Services Tab for more information on our pricing structure.
Can Estate Planning protect my business assets?
A comprehensive estate and asset protection plan can include provisions for business asset transfer or protection, ensuring a seamless transition in case of disability or death and throughout your life.
Can Estate Planning protect my business assets?
Estate planning can incorporate provisions for managing and distributing digital assets, such as social media accounts, emails, cryptocurrency, and online financial accounts.
Have your questions been answered? Schedule your call today to dive deeper into your questions.