Wills/ Living Trusts

ESTATE PLANNING

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What is an Estate?  An "estate" is all of your personal property such as your home, other real estate, retirement and investment accounts, bank and savings accounts, investments, and other personal belongings and collectibles.  The purpose of estate planning is to put you in control over your property and to provide you with certain safeguards.   

How do I protect my Estate?  When it comes to your estate you can do nothing and let the laws of the state control how your property is distributed at your death and face potential tax consequences, or you can do some estate planning to avoid such events.   Some people take the first step to protect their estate by creating a "last will and testament", but a far more effective estate planning tool is to create a "revocable living trust".   

What is a Revocable Living Trust?  A living trust provides a number of benefits such as:

  • Ability to change or to revoke your plan during your lifetime 
  • At the time of death avoids your estate from being subject to probate
  • Guardianship provisions
  • In the event of incapacity during your lifetime prevents court control of your assets
  • Provides for a quick and efficient distribution of assets and property to beneficiaries
  • Allows for privacy in the content of your estate
  • Avoids unintentionally disinheriting individuals
  • Provides for potential tax benefits

What if I lose capacity during my lifetime before I die?  In addition to creating a living trust it is important to have legal documents to protect you and your property during your life time in the event you become incapacitated with:

  • Health Care Directives
  • Durable Power of Attorney for Finances

To learn more about setting up your estate plan contact me today. 

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