Many times, when people have children, buy a home or experience the passing of a loved one, the topic of an estate plan will come up. A properly crafted estate plan is one of the most important things you can do to provide stability for your loved ones when you are gone.
A will is a written direction controlling the disposition of property at death. The laws of each state set the formal requirements for a legal will. Wills are required to be admitted to court after death and track the lengthy probate process.
A Trust is similar to a will in the sense that it documents your wishes regarding the distribution of assets. It is often a much more efficient process for your loved ones after your passing. A properly drafted Trust will allow your beneficiaries to avoid the probate proceedings saving your family time and money.
Wills & Trusts
When the time comes to have this very important conversation, you should be guided by a professional with the proper experience to help you achieve your goals. An estate plan prepared by a skilled lawyer will allow you to rest assured that when you are not around, your loved ones will be taken care of. If you fail to make a will or a trust (this is called dying “intestate”) your assets will be distributed according to a formula set by law. Such tools as Powers of Attorney, living wills, designations of healthcare surrogates will aid in the crafting of the final plan. Also, please be aware that if you fail to make the proper plans, the inheritance statute will determine who gets your property, not you.
Our approach at Green and Kahn P.L. is comprehensive and personalized to each individual situation. The first step to creating a will or trust is by scheduling a time to review the particulars of your situation. Contact us today and let’s get the conversation started.