Estate plans are not just for high-income, wealthy individuals and couples. We view an estate plan as a financial necessity that should be put in place early and maintained and revised throughout life’s many changes. For those just starting a career, a basic estate plan, featuring a pour-over will, revocable trust and advance health care directive, would likely be appropriate. For married couples with children, an estate plan is essential.
The benefits of an estate plan are many:
- avoid probate;
- minimize estate tax;
- defer estate tax;
- control disposition of assets;
- achieve peace of mind that your family is provided for.
We can help you through the issues:
- how to choose an executor or successor trustee;
- at what age should assets be distributed to children;
- how to address potential substance abuse issues involving your heirs;
- which assets should be included in a trust;
- how to prepare and update Schedule A;
- who should you nominate as guardian of your children;
- what should you do with your Advance Health Care Directive;
- where you should keep your estate plan and who should be informed.
Much of the benefit of a revocable trust is lost if the trust is not properly “funded.” We prepare and record grant deeds for the real property to be included in the trust and help ensure that any other assets that should be subject to the trust are properly designated as such.