It is a very uneasy thing to think about, but it is important for everyone to have their affairs in order in the event that they become very ill or pass away. Estate planning can ensure that your family is taken care of, your assets are protected, and estate taxes are limited. We will help you assemble and file all the proper documentation and make sure that your family receives all they are entitled to.
A will is a document that distributes assets in the event of someone’s death. A person is able to distribute money and other financial holdings, property, and important possessions to the relatives, friends, or organizations of their choosing. A will may also contain someone’s last wishes, like how they want their body to be dealt with upon their death. In the tragic even when a couple with young children dies at the same time, the will can also specify who will become the legal guardian of the children. The death of a loved one can be a very difficult time, but having a will in place will ease the burden associated with the tragic situation.
A living will allows a person to make their wishes known if they were to enter an irreversible vegetative state or suffer from a terminal illness. This can include a Do Not Resuscitate (DNR) order. This informs medical caregivers that they do not wish to have artificial or extreme medical procedures used to keep them alive. A living will can also give Medical or Financial Power of Attorney to a loved one in the same situation, usually a spouse. This leaves the designated person in charge of decisions regarding the healthcare of the terminally ill person and may also include their financial decisions as well.
A trust is when one person (the settler) puts property (money, land, possessions, etc.) into the possession of another party (the trustee) to be held for a third party (the beneficiary). There are many reasons to create a trust including privacy, tax purposes, and estate planning among others. Trusts often have stipulations that they must be used for a certain purpose, such as college, or may not be able to be used until the beneficiary has reached a certain age. If you would like to set up a trust please call us today.