Minor Children or Grandchildren

If you have minor children, it's crucial to plan for their physical and financial well-being in the event of your death or incapacity. You can appoint guardians to care for them, ensuring they are raised by trusted individuals. Additionally, you can establish a trust or other inheritance structures to manage your assets for their benefit, ensuring their education, healthcare, and needs are met until they reach adulthood.

Property and Business Ownership

Owning property or a business makes estate planning an important step. How you own property impacts how it will be distributed upon your death. Whether your property is held jointly, individually, or as part of a community property arrangement can affect its transfer. You may need to create a Will or establish a Trust to avoid complications or delays in distributing your assets. Properly titling and planning for your property can prevent confusion among family members and make the process of asset distribution more efficient.

Avoid Probate

Probate is the court process by which your estate is administered after your death. While it’s a standard procedure, probate is time-consuming, costly, and public. Furthermore, the probate rules are general, and may not be best suited for your particular circumstances. With the right planning, you can avoid the lengthy and expensive probate process, resulting in a smoother and more private inheritance process.

Expected Inheritance

If you anticipate inheriting significant assets in the future, it's important to factor that into your estate plan now. Even if your current estate is modest, preparing for an expected future inheritance makes you better equip to manage and protect those future assets when they arrive. It can also help you structure your estate plan in a way that provides a clear roadmap for your family on how to handle the future wealth.

Blended Family

If you are part of a "blended family" you need to prepare your estate plan ahead of any incapacitating or death event. Special consideration must be made to protect your family and allow you to set the rules by which your family inherits your estate. Not preparing is certain to have lasting negative effects due to the default probate inheritance rules that will apply, regardless of your specific family circumstances.

Upward Planning

You do not have to wait for substantial assets to prepare your estate plan. Individuals who are set out to build future wealth should consider having an estate plan in place for when things go right. While you may not need a complex Dynasty estate plan today, it may be wise to begin with a simple plan that lays the groundwork for future growth. As your financial situation evolves, this plan can be updated to incorporate more sophisticated strategies for asset protection, tax planning, and business management.

Simple Revocable Living trust

A Simple Revocable Living Trust allows you to manage your assets during your lifetime and ensures a smooth transfer to your beneficiaries after your death. You retain control and can modify or revoke the trust as your circumstances change, providing flexibility and avoiding the need for probate.

There are three essential benefits to having a Simple Revocable Living Trust:

1. Avoid Probate (to the degree the trust is funded)
2. Avoid Guardianship/Conservatorship (for you and your beneficiaries)
3. Prepare for Beneficiary Contingencies (more than one level and type of beneficiaries)

Deeds and Support Documents

Deeds and supporting documents are critical for transferring ownership of real estate and other assets/property. They establish legal title and ensure your property is properly conveyed to your intended recipients, either during your lifetime or upon your passing. Clear documentation helps prevent disputes and protects your interests.

List of Typical Supporting Documents:

• Schedule of Tangible Personal Property
• Schedule of Assets
• Trust Funding Instruction Letters
• Assignments & Bills of Sale

Last Will and Testament

A Last Will and Testament, often referred to as a "Will," is a legal document that outlines how you want your assets distributed and who will care for your dependents after your death. It serves as a blueprint for your final wishes, ensuring your loved ones are provided for and your estate is settled as you intend.

This document gives your instructions to the probate court to manage and distribute your estate. It requires the probate court to make any distributions from your estate to your beneficiaries. If you also have a Trust, the "Pour-Over" Will acts as a backup to the Trust and is only used if the Trust was not properly funded.

Durable General Power of Attorney

A Durable General Power of Attorney allows you to name a specific list of trusted people as your "decision-makers" in cases of an emergency. Someone on your list becomes your Agent, and has the authority to manage your financial and legal affairs if you become incapacitated. This ensures your bills are paid, assets are managed, and obligations are met without court intervention.

Generally, our Powers of Attorney are "bearer" documents. This means that if your named Agents have the original document signed by you, they can act in your name. They do not have to prove that you are incapacitated, thus allowing them to act in cases where your "incapacitation" is hard to prove, but is nonetheless present.

Medical Power of Attorney

A Medical Power of Attorney allows you to designate a specific list of trusted people as your "decision-makers" in cases of a medical emergency. Someone on your list becomes your Surrogate, and can make healthcare decisions on your behalf if you are unable to do so. This ensures that your medical preferences are respected and critical choices are made in alignment with your values and best interests.

Our Medical Power of Attorneys are designed to give your Surrogate the ability to accept or reject any and all medical treatments on your behalf. There is no limiting language to the medical treatments or procedures they have authority over. Anything you could agree to, they can agree to on your behalf.

Living Will

A Living Will allows you to designate a specific list of trusted people as your "decision-makers" for your end-of-life or palliative care. It provides clear guidance to healthcare providers and loved ones, ensuring that your preferences for life-sustaining measures, such as resuscitation or artificial nutrition, are honored.

If you have specific religious language that you would like to include in your Living Will, be sure to let us know. Many religions have specific instructions or definitions that affect the documents of their believers.