Why Do I Need an Estate Plan?
No one knows what tomorrow may bring, but there are some inevitabilities for which you can prepare. Having an estate plan is important for everyone, regardless of age or financial status. Estate plans allow you to direct how your assets will be used after you die. Having a well-crafted, legally binding estate plan can also help to minimize taxes and avoid complications for your family after your incapacity or death.
When establishing an estate plan, it is important have the counsel of an experienced lawyer who can ensure that your estate plan is drafted and executed in a manner that will carry out your wishes effectively and withstand potential legal challenges.
Create A Customized Plan
Everyone’s situation is unique, so the first step in creating an estate plan will involve an analysis of your assets, and a discussion to understand your objectives, so we can work together to accomplish your goals. Whether your situation is simple or complex, your estate plan will be drafted to support the people and causes that you care about and provide you with the peace of mind that knowing your loved ones will be taken care of when you are gone.
Your estate planning process may include:
- Last Will and Testament
- Revocable or Irrevocable Trust
- Power of Attorney
- Advance Healthcare Directive
- Guardianship and Conservatorship
- Transfer on Death Deed
- Pay on Death Beneficiary Agreement
Working closely with you to determine your priorities, we can create precise instruments to efficiently accomplish your end-of-life objectives.
FAQs
What does an Estate Plan do for me?
Estate plans can include instructions not only for distributing your property after you’ve passed but also for handling decisions in the event you can no longer make them for yourself. Though it may be difficult to think about your mortality, clear and thorough plans can remove complication and future uncertainty.
Why do I need a Last Will and Testament?
Your Last Will and Testament provides for the orderly distribution of property after your death through a court proceeding called a probate . A will is also the most common mechanism by which you can leave property to a person or entity.
What is a trust?
There are many types of trusts. Generally speaking, trusts are instruments that allow you to distribute property in a particular manner, such as directing incremental distributions to a beneficiary rather than making a lump sum distribution from your estate. A trust can also afford you the use and enjoyment of property and assets during your lifetime, while facilitating the transfer of your wealth upon your death without need for a public court proceeding.
What is an Advance Healthcare Directive?
Advance Healthcare Directives allow you to clearly articulate your preferences for medical treatment in the event you are incapacitated. They can set forth instructions on various matters, including who should serve as your healthcare proxy and can also include DNR (do not resuscitate) commands.
What is a Power of Attorney?
A Power of Attorney is a legal document that allows you to appoint someone to act on your behalf, including making medical and financial decisions. In a Power of Attorney document, you can designate a trusted relative or friend to act with limited (or broad) powers, either immediately upon executing the document or at some later date when you are deemed legally incapacitated.
How can I safeguard my minor children?
If you have minor children, it’s important to plan for their care in the event you and their other parent pass away. With an estate plan, you can name a reliable, capable and trustworthy guardian who a court would appoint to ensure your children grow up feeling cared for and loved.
Can you assist my family with the Administration of my Estate Plan?
Yes, Thomas Banner can help to guide you or your survivors through the process of administering a Last Will and Testament or a Trust. Acting as a Personal Representative or Trustee requires a commitment of considerable time and attention, and typically, no distributions can be made from an estate until all debts are paid and claims are settled. Having a competent attorney on hand to assist with administration and responding to beneficiaries who are eager to receive inheritances, can be extremely helpful.
Probate Litigation
There are times when it is necessary to involve the courts to ensure that property and assets are handled in accordance with the desires and instructions of a deceased person. I represent beneficiaries, creditors and personal representatives (executors) in court.
Appointing a Personal Representative
The first step in the administration of an estate where the deceased has died with a Last Will and Testament, or without a Will (intestate), is asking a court to appoint a Personal Representative. A Personal Representative (also known as an Executor) ensure that all of a deceased person’s assets are accounted for, pays the deceased person’s debts, and transfers all remaining assets to the appropriate beneficiary, either in accordance with a Will or in accordance with the Intestate Statute in effect in the jurisdiction where the probate is instituted.
Challenging a Will or Trust
There are several bases for challenging a will. Whether you are alleging misconduct or accused of it, it is important to understand the legal reasons a will may be challenged:
- Lack of capacity — This ground alleges that the deceased person who signed the will or trust was not of sound mind at the time the document was executed.
- Undue influence — A will or trust might be invalid if a person with access to, and power over the deceased person, used manipulation to gain special treatment.
- Fraud — This ground alleges that the person who signed the will or trust was deceived about the contents of the document at the time it was drawn up.
Objecting to Fiduciary Misconduct
Individuals who have a fiduciary duty to manage the assets of an estate must act in good faith and in accordance with the decedent’s wishes while ensuring that assets are not lost due to waste, fraud, misallocation, or mismanagement. Beneficiaries may have legal standing to challenge a fiduciary’s misconduct and demand a full account of their actions on behalf of the estate.
