ESTATE PLANNING, WILLS & TRUSTS
Planning for the unknown is not easy and thinking about your death can be daunting. However, a properly executed estate plan ensures your assets are protected and your wishes are carried out. Our experienced estate planning attorneys can guide you through the complexities of the estate planning process and ensure your family is well taken care of after you’re gone.
PLANNING AHEAD
Every estate plan should address these core issues:
HEALTH CARE DECISIONS
If a person is unable to participate in their own healthcare decisions, the law requires a court-appointed guardian make these decisions for them. Court involvement can be expensive, and the individual’s affairs may become public. A guardianship can be avoided with a properly drafted patient advocate designation, HIPAA authorization and advance directive.
FINANCIAL DECISIONS
If a person is unable to manage their own financial affairs, the court may appoint a conservator to manage their financial affairs for them. The conservatorship process can be very detail-oriented and expensive. A conservatorship can be avoided with a properly drafted durable power of attorney.
POST-DEATH AFFAIRS
If a person has not set up a plan to avoid probate court upon their death, probate court involvement will likely be required to transfer their assets and handle their outstanding financial obligations. The probate court process can be expensive and time-consuming. Probate court involvement can be avoided with a properly drafted estate plan.
CHANGE IN CIRCUMSTANCES
Once you have an estate plan in place, it is important to regularly review the plan to make sure it is still achieving your goals and objectives.
In addition to making sure you have the right people designated as fiduciaries (those in charge) and beneficiaries (those who are to receive assets upon death), you should also be aware of changes in circumstances that may have an impact on the plan. Questions you should ask include:
Did you complete the initial funding of the trust?
Have you opened/closed accounts or purchased real estate since your trust was last funded?
Has a child married, divorced, died, or become disabled since your plan was created?
Has a person with a role in your plan become unable or unwilling to act since your plan was created?
Have you provided your power of attorney to your financial institutions?
Have you provided your patient advocate designation and advance directive to your healthcare providers?
Remember: Assets that were not properly designated or titled pursuant to your estate plan may be exposed to probate or divided in a manner that is inconsistent with your intent.
THE LAW CAN AND DOES CHANGE
You should review your funding instructions, keep an updated inventory of assets, and have your estate plan reviewed by an Estate Planning Attorney on a regular basis. We recommend having your plan reviewed every 3-5 years, or whenever there is a change in the law or in your circumstances.
Our experienced Estate Planning Attorneys in Warren provide free estate plan reviews for prospective clients. Call us today and schedule a consultation to discuss your needs and goals. We offer in-person, virtual and telephone appointments for your convenience.
Testimonials
“My husband and I are very happy we made the decision to use the Vader law firm for our estate planning. Mr. Pittman was thorough, efficient, timely and organized with the drafting of the documents. Very professional, approachable, and the fee was quite reasonable. A client couldn't ask for anything more.”
-Vaia, Google Reviews
“Ben explains things clearly for estate planning and his prices are very fair.”
-Robert, Google Reviews