lIVING tRUSTS, wILLS, & eSTATE pLANNING
real estate law i construction law
It is important to point out, however, that estate planning is not just for the elderly or the infirm, or people with wealthy estates. For families with young children, estate planning provides your family with a back-up plan by allowing you to choose who will care for your children, and how they will be cared for, in the event of an untimely death, however unlikely.
If you already have a complete estate plan, it is important to verify that your estate planning documents are updated, or amended, to reflect your current wishes. Life is like a river – ever changing and flowing – and with proper estate planning, you can amend your estate plan to reflect those changes as the need arises.
An advanced healthcare directive is a legal document that allows you to provide instructions to your loved ones and medical professionals regarding healthcare treatment, including any life-sustaining measures you do or do not wish to be taken.
A durable power of attorney is a legal document that allows a named individual to serve as your agent, who has the authority to handle your affairs, should you become incapacitated, or otherwise unable to handle your own affairs.
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at least 60% of Americans do not have a will or other estate planning documents. Between working a full time job, paying the bills, and carting the kids to and from soccer, most Americans do not find the time to plan for, let alone think about mortality. However, without proper estate planning, your estate will have to go through a process called probate, which can cost thousands of dollars and take at least a year to complete, even for the simplest of estates.
With the proper estate planning documents in place, you can control what happens to your property, save money by avoiding probate and attorney’s fees, take advantage of significant tax strategies, and provide your loved ones with the convenience of clear, written instructions of your wishes.
A pour-over will is a legal document that instructs that all assets inadvertently left out of your trust be "poured over" into your living trust. This document serves as a catch-all in the event that any assets remain outside of the trust at the time of your death.
A revocable living trust is a separate legal entity, set up during your lifetime, and created through the appropriate legal documents to hold your assets. As the Trustee of your living trust, you will be able to ensure that your assets are titled in the name of the trust, and will be able to pass on to your beneficiaries without having to go through probate. By avoiding probate, you will save your loved ones a lot of time, and a lot of money. As the Trustee of your living trust, you maintain complete control and ownership over your assets, and can amend your trust at any point in time. Upon your death, the assets of your trust will be distributed to your beneficiaries, according to your wishes, by the successor trustee that you have hand selected.
A complete estate plan includes a living trust, a pour-over will, a durable power of attorney, and an advanced healthcare directive. These documents are a vital part of creating a well-thought out estate plan, and ensure you estate is administered properly and according to your wishes.
A living trust is a separate legal entity, set up during your lifetime, and created through the appropriate legal documents to hold your assets and distribute them according to your wishes.