Wills, Trusts, Estate Planning, and Probate Services

Estate planning is a plan that you develop explaining what you would like to happen to your assets in the event of your death or incapacity. It is accomplished by using documents such as wills and trusts to establish your beneficiaries and executor.

A will is a written document that outlines your final wishes. It takes effect upon your death. It appoints an executor to oversee the distribution of your assets. It tells the executor how to distribute your assets. If you have children that are still minors, it can appoint a guardian for them.

If you die without a will, you have died “intestate”. Since you have not left instructions, state law governs how your assets are to be distributed. This may or may not be how you would like your assets to be distributed among your loved ones.

The first thing that you need to consider before creating a will is how do you want to take care of your loved ones.  You will want to take time to write down a list of your assets and who is to receive them.  This includes not only real estate and personal property but also any financial accounts or digital assets that you may have.

A will is your final wishes as to how your assets are to be distributed after you die. A will does not own your assets.

A trust becomes the legal owner of any assets that you transfer to the trust. A trust is used to protect your assets from creditors while you are alive. It also gives you more control of your assets after you die.

An estate plan is something that needs to be reviewed periodically. As your life changes, so do your estate plans. The best time to have your estate plans reviewed is whenever you have a life-changing event.

Incapacity planning is planning for the event that you are not able to make decisions for yourself, either temporarily or permanently. This could be because of injury, illness, or old age. By planning for your own incapacity, you can appoint the person that you trust the most to make decisions on your own behalf.

Probate is the legal process where a deceased person’s will is submitted for validation. A personal representative for the estate is appointed who gathers your assets, compiles a list of your heirs or beneficiaries, and distributes your assets accordingly. During this period, claims can be made against your estate for any debts that you may have owed.

Assets that are solely owned by you and are to be distributed according to your will are probate assets. Assets that are owned by you and another person are non-probate assets. The surviving person receives that asset regardless of what your will states. Assets that can be jointly owned include real estate or financial accounts. Insurance policies or other accounts that have a beneficiary are also non-probate assets.

Depending on how your assets are titled, you may be able to avoid probate. There are a lot of reasons to avoid probate. The most common reason is to simplify the transfer process and avoid any probate fees. The easiest way to avoid probate is by creating joint ownership, using a trust, or naming beneficiaries on financial and insurance accounts.

A personal representative is appointed to oversee your estate. In your will, you can appoint who you would like it to be. If you die without a will, then the law decides who can be appointed as your personal representative. This is usually a close relative, but it can be anyone. It is in your best interest and your loved ones’ best interest for you to appoint an executor under a will.

As the owner of a business, you must be prepared for every eventuality. A business succession plan is a plan that makes sure your business continues after your death. This is basically a plan that sets forth who will take over your business when you die. It also sets forth basic information about your company to help with the succession process.