Protect Your Family
A major life event (marriage, divorce, birth, graduation, incapacity, and loss of a loved one) can often trigger the need to create or update your Estate Plan. Whether your concerns are probate avoidance or creditor protection for you and your survivors, we can advise you.
When a family is dealing with the loss have a loved one, it's the absolute worst time to be faced with decisions that will permanently impact everyone in the family. Without effective estate planning, such as a will or trust, families are too often left in turmoil while they try to sort out misunderstandings and disagreements, all at a time when they should be dealing with their grief, remembering and honoring the family member who has recently passed. Additionally, when there is no estate plan in place, the estate goes through a probate process that can take months, if not years, to finalize.
Fortunately, most of these issues can be addressed effectively and cost-efficiently in advance, resulting in peace of mind for you and your family. As an experienced, licensed estate planning attorney, I have an extensive background in helping families and individuals protect their families and their assets.
These are the two most common tools families use to protect their financial assets. Which of these options, a will or trust, is right for your family depends on your individual circumstances.
Often referred to as a “last will and testament,” a will is a legal document that puts what you want to happen to your estate after you pass in writing. A will can also include other intentions you may have, the most common of which would be who you want to take care of your minor children and what you want done with your remains, as well as any other wishes you may feel are necessary.
If you pass away without a will, all the decisions that would have otherwise been covered in the will are made according to state statute by a judge. It’s unlikely that these decisions will be the same as the ones you would have made. And even if there are no disagreements among family members, this probate process can take a long time and cost a lot of money.
A trust is a legal tool based on a “trust agreement” that allows you to transfer assets into it and still have access to those assets while living. Upon your passing, these assets can be distributed to your heirs directly, without going through probate. Plus, if you should become incapacitated due to an illness or injury, a beneficiary you choose manages the assets in the trust. Without a trust, a court decides who will manage your assets.
Another advantage of a trust is that it is considered a private legal agreement between two individuals, the grantor and the trustee, and avoids probate court, so it isn’t required to be included in public records. This means your family’s private financial information is kept private.