Estate Planning

Wills and Trusts are key components in an individual's estate plan. Whether you use a Will, a Trust, or both, the importance of these documents cannot be denied, for they describe your desires as they relate to your property. Put another way, they provide directions regarding the management and distribution of your assets.

All individuals are unique and so too are their estate plans. The use of a Will and/or Trust in your estate plan is dependent upon your particular circumstances and the documents utilized will be specifically tailored to fit your particular needs.

With few exceptions, every adult resident is entitled to execute a Will or Trust thereby announcing his or her wishes as they relate to his or her property. For those of you who refuse or fail to provide these directions, the State will provide them for you. These state created directions are known as the law of intestate succession and they apply when an individual dies without having created a valid Will or Trust. These directions may be inconsistent with the individual's wishes and they may also require the surviving family members incur additional costs; costs that may have been avoided with proper planning.

Powers of attorney are very important documents for they allow you to designate another individual to act on your behalf in the event you lose the ability to do so. The individual you designate is called your agent, and the authority you confer upon your agent may be limited in its scope and duration or it may be broadly stated and remain in place until such time that you revoke or terminate that authority.

The general durable power of attorney and the medical power of attorney, also known as the health care power of attorney, are two examples commonly utilized in estate planning. The general durable power of attorney authorizes your agent to manage, maintain, and otherwise deal with your property, while the power of attorney for health care enables your agent to speak on your behalf regarding your health care.

These two instruments are essential tools for effective estate planning. They express your wishes and they authorize your agent to speak on your behalf and carry out your wishes when you are unable to do so. With an effective power of attorney, you minimize your family's exposure to unwanted, and oftentimes unnecessary, court proceedings as well as the time delays and expenses that accompany such proceedings. Protection can be easily obtained. Make known your wishes and grant someone the authority to speak on your behalf.

Typically thought of in connection with the death of an individual, probate is the process by which the heirs, beneficiaries, and other recipients of an individual's estate are determined; debts are paid; and assets are identified, valued, and distributed.

Probate involves a court proceeding that will include the appointment of an individual to oversee the administration of this process. It may also include the appointment of a guardian to represent the best interests of another person or to manage the assets for one who is unable to do so because of age, incompetence, infirmity or other disability.

The administration of a decedent's estate can be a relatively simple process or it can be very complicated and complex. Determining what to do, the sequence in which to do it, and then actually doing the work necessary can be difficult and daunting, especially following the loss of a loved one. Having an experienced attorney available to assist you during this process can relieve you of these burdens.

An individual may be appointed to make decisions on behalf of another person when this other person is found to be impaired or incapable of meeting his or her essential needs (food, shelter, hygiene) or managing his or her financial affairs. The person appointed may be referred to as a guardian or a conservator and the person for whom decisions are to be made may be referred to as a ward, a conservatee, or a protected person, depending on where you live.