Why have an estate plan?

Estate planning is an investment in your family’s future well-being. If you have a bank account, retirement account, or own anything from a house to a coin collection, you have an “estate”. In order to have your wishes met regarding your estate, you should have a formal estate plan in place. An estate plan will not only dictate how your assets are distributed, but can also protect assets from creditors, lower or eliminate your tax liability, and provide for you during periods of incapacity.

It is a common misconception that estate planning is only for the wealthy. People of all means can benefit from having an estate plan. In fact, an estate plan can often save time and money in the long run by avoiding probate and protecting assets. Further, no matter what your financial situation is, it is critically important for you to have end of life care and final arrangement wishes expressly made as part of an estate plan. This will spare your loved ones from making difficult decisions without guidance and will give you peace of mind knowing that your wishes will be followed.

While it is easy to put off making an estate plan, waiting until it is too late can be devastating for families. By acting now, you will have peace of mind knowing that you will be cared for as you wish and your family’s needs will be met.

Why use an attorney?

Good estate planning involves more than just inserting your name and information into pre-made documents. A knowledgeable attorney can guide you through the process of clarifying your goals and needs, and work with you to design a comprehensive estate plan that best fits your objectives. Not all estate plans are created equal. I practice exclusively in estate planning and related practice areas and can offer the following advantages:

• I use an in-depth estate planning questionnaire that efficiently collects pertinent estate planning information that allows me to understand your unique situation, develop strategies, identify potential issues, and make appropriate recommendations;

• I am available for initial and continued consultations to ensure that you are not only given an estate plan that works the way you intend, but you will also be well informed during every step of the process and fully understand how your estate plan works;

• In addition to ensuring that your possessions pass to your beneficiaries efficiently and how you intend, I will also advise you on drafting strategies and tools to limit or avoid tax liability and protect your assets from creditors;

• If you have a disabled or special needs loved one, I can ensure that your estate plan provides for them while also keeping them eligible for public benefits;

• I can advise you on concerns with your heirs such as age, bad spending habits, addictions, divorce, etc. and create a plan with safeguards in place to avoid unintended consequences;

• I will provide follow-up advice on how to store various documents, assist with funding trusts, reviewing and updating documents, and provide instructions for surviving beneficiaries and trustees;

• Even basic trust documents are lengthy and full of legal jargon and references to statutes and code sections. Therefore, in addition to explaining your estate plan to you, I provide a written and easy to understand summary of your testamentary documents that are broken down by section clearly explaining the purpose and effect of each section;

• I will also advise you on and draft all ancillary yet essential documents to a complete estate plan including but not limited to: (1) a financial power of attorney, (2) a healthcare power of attorney, (3) a living will, (4) a pour-over will, (5) a HIPAA release document, and (6) beneficiary designations.

Overall, by using a knowledgeable attorney, you are guaranteeing yourself peace of mind that other options cannot provide. Estate planning can be complicated and even simple plans can become riddled with costly issues if done without the help of an attorney. Having an attorney will not only ensure that your estate plan has legal effect, but will also ensure that your plan is tailored to your unique needs and wishes while also avoiding undesired consequences, family conflicts, and costly and time consuming probate proceedings.