Frequently Asked Questions
What is the purpose of an estate plan?
The purpose of an estate plan is to examine your financial needs and assets in order to make sure your heirs are best provided for at your death by creating the proper legal documentation to preserve and set forth your wishes.
What documents are included in an estate plan?
An estate plan includes a Will and incapacity documents which include Powers of Attorney, HIPPA Release and Directive to Physicians. For clients with minor children, we will also prepare a Declaration of Guardian and Medical Power of Attorney for minor children.
What should I expect during the estate planning process?
- To begin with, we will arrange an initial consultation which will be a conversation about your family and goals.
- Then, I will work with you to design of your estate plan and create the necessary documents.
- Next, we will review the documents and answer any questions you have and make any revisions you deem necessary for your estate plan.
- Only once you are satisfied and comfortable with your estate plan, we will arrange for the documents to be signed.
What are the top 5 reasons everyone should have a Will?
- Financial planning to minimize tax burdens and court costs
- Designate your beneficiaries and make specific bequests
- Appointment of your Executor to make specific bequests
- Plan for the unknown, including disability and/or incapacity
- Protect your assets and family from undue burden
What is the difference between a Declaration of Guardian vs. a Medical Power of Attorney for Minor Children?
A Declaration of Guardian for Minor Children is a document wherein you designate who you would like to be guardian of the persons and estates of you minor children in the event of your death or incapacity. This is just a designation and still requires approval of the court. A Medical Power of Attorney for Minor Children is a document wherein you designate an agent to make medical decisions on your behalf, for your minor children, when you are out of town, unable to be reached or located, or otherwise unable to make medical decisions for your children. The POA is used when you and your spouse travel and leave the kids behind with a caregiver.
What are non-probate assets?
Non-probate assets are assets that do not go through the probate process and instead pass directly to the beneficiary who you have designated to receive them upon your death. This includes retirement accounts, 401K, IRA and life insurance.