Estate Planning

Estate planning is a process that allows you to plan for your future and which will let you best protect your assets to the fullest extent allowed by law. This process involves preparation of instruments such as wills, trusts, advance directives to physicians, powers of attorney and also preparing transfer instruments and effectuating the transfer of assets in order to protect them

Good Estate Plans are custom designed to fit the individual or family for which they are designed. Therefore, we evaluate our clients' needs and circumstances and then design an Estate Plan that accomplishes your individual goals for your estate. Estate Plans can include living revocable trusts, an irrevocable life insurance trust, a special needs trust depending upon what your circumstances require.

The best estate plans anticipate the future. The attorneys at the law firm for family law consult with every client at length to determine their estate plan needs. We offer practical advice to help clients avoid probate, transfer assets to protected trusts, create living trusts , provide for future medical expenses and more.

Wills

A will is a document that tells a person's family or heirs and the courts how to distribute his or her money and property. A will is a basic estate planning tool, and a current and valid will is the best way to make sure your property is distributed according to your wishes and your family is taken care of after you're gone. Many people also use trusts in conjunction with their will, as an independent estate planning tool, or both. Whether you want to prepare your first will or you are interested in updating your estate plan or exploring trusts, an estate planning lawyer can help you tailor a plan to your needs.

Trusts

Trust are wonderful estate planning techniques because, depending on the type of trust used, trust can reduce estate taxes, protect assets from the creditors of the beneficiaries, ensure proper investment and management of assets, and reduce income taxes under certain circumstances.

The most significant advantage to the creation of a trust is that if the trust is established properly it will permit you to avoid Probate. Probate is expensive. You will encounter significant attorney's fees, court cost and possibly appraisal fees in a probate administration.

But, a properly created and maintained living trust allows you to avoid probate. When you are gone, your successor trustee simply pays your last bills, reads your trust to see who gets your property, and then distributes the property.

There are several different types of trust and the attorneys at the Law Firm for Family Law can analyze your particular situation so as to assist you in creating the right type of trust for you and your loved ones.

Powers of Attorney

A power of attorney is a legal document in which a person designates and authorizes another person (to transact business or make certain decisions on his or her behalf, such as health care decisions.

When a power of attorney is in effect, the agent essentially steps into the shoes of the person granting the power of attorney and makes decisions that are legally binding.

Powers of attorney can grant broad, general authority or they can limit the attorney-in-fact's power to act on behalf of the principal to particular situations. Because there are many different types of powers of attorney available to address a variety of situations, powers of attorney are extremely useful estate planning tools. If you are interested in drafting a power of attorney, contact our firm to schedule a meeting with an attorney from the law firm for family law.

Guardianships

There are times when an individual is no longer capable of making important decisions for themselves. If you are faced with this situation with a loved one, the attorneys at the law firm for family law can assist you in becoming appointed Guardian of your loved one. Being appointed as their guardian allows you to ensure that they will be secure and cared for and that you will be in control of decisions pertaining to his or her person and property.

A guardianship is a probate court proceeding to appoint someone to handle the financial matters for a person who has been determined to be incompetent. There are several different levels of incompetence and depending upon the condition of the ward there are several different ways to approach this issue. For example, a guardian can be appointed for a minor, the mentally ill, the developmentally challenged, those who are frail and anyone else the court finds to be unable to properly function in any one of several area such as handling money, driving a car, making medical decisions and so on.

Guardianships may also be applicable for a minor child who receives or inherits assets of any consequence. Since the minor child cannot legally manage his own affairs a guardian may be appointed to manage the child's funds until they turn 18. The guardian renders accountings to the court every two years. When the minor turns 18, a petition to terminate the guardianship is filed with the court and the individual receives the money.

If you have been appointed guardian of the estate of an incapacitated person, we can assist with the Annual Accounting and reports required by law.

Call the attorneys at the law firm for family law to see how a guardianship can be of value to you and your loved one.

Probate

Probate is the process of the Court supervising the disposition of your assets and payment of your liabilities. Probate is frequently used even when there is a will executed.

The process, called Probate Administration requires that a personal representative being appointed to handle the estate and the personal representative is required to is required to quickly learn the legal procedures necessary to ensure a smooth estate administration.

In some cases a simplified administration, called a summary administration, can be used to settle estates quickly. In other instances a formal administration must be done when there are more assets or more complicated estates.

In any event, the attorneys at The law firm for family law can provide you with the help and assistance necessary to ensure a successful probate administration.