Estate Planning is used to ensure that if you pass away your assets will pass only to those persons you wish to receive them. Using a revocable living trust will allow the process to be handled privately by the family without the time and expense of the court system. If you become disabled, proper documents can provide a secure process for others to manage your assets for you again without the involvement of the court system.
The estate planning process involves working with an experienced attorney to explain the various types of plans that are available and to guide you to the one best suited to your circumstances. The attorney will help you think about the “what if” issues that might not have occurred to you. And the attorney can help you avoid ambiguities in the documents, and potential areas of family conflict that can arise after you’re gone.
A well drafted estate plan can help to:
- Avoid the time and expense of the court system.
- Avoid the court conservatorship system if you become disabled.
- Ensure access to your assets if you become disabled.
- Provide for medical decision making pursuant to your instructions.
- Provide that your plan for your assets is not upset by your surviving spouse in the event of remarriage.
- Protect the assets passing to your children and grandchildren in the event a divorce or a lawsuit by a creditor.
- Protect the assets passing to your children and grandchildren from estate taxes.
- Limit access to your assets by your children or grandchildren until they reach an appropriate age.
- Avoid capital gains taxes as much as possible.
- Allowing each spouse to plan separately for their children from prior relationships.
These are just a few of the many objectives that can be addressed using a custom drafted estate plan. We will explore these objectives during the free consultation.