What makes up an Estate?
Your estate is comprised of all of the assets of any value that you own, including real property, business interests, investments, insurance proceeds, personal property, and even your personal effects.
What is an Estate Plan?
An “estate plan” generally refers to the means by which your estate is passed on to your loved ones on your death.
Estate planning also includes incapacity planning. Incapacity planning is a broad area of law that covers how you are cared for if you become physically or mentally unable to care for yourself. The type of care could range from simple tasks like buying groceries, paying bills, and handling financial matters to more important decisions such as selling real estate, gifting assets to your children, or making critical medical decisions. Depending on the needs of an individual or a family, incapacity planning could include a number of planning techniques such as wills, trusts, guardianships, conservatorships, Financial Powers of Attorney, and Health Care Powers of Attorney.
What is the cost of an Estate Plan?
All of my estate planning work is done on a flat fee basis. Each estate plan is unique to the family that comes into my office. The fee is determined by the individual families' goals and objectives and the amount of assets that are to be transferred into the trust.
An estate plan done by a professional will always cost more than the use of online Wills and/or Trusts. Often a trap for the unwary, the old adage “you get what you pay for” is true when using an online approach to establish an estate plan.
How long does an Estate Plan take?
The initial process starts with going through a questionnaire to determine goals and objectives. Once it is determined which estate planning tool best suits the couple or individual’s needs, financial and property information is requested to start the drafting process. Depending on the response time of the client to provide the necessary information, allow at least 4 weeks from the initial meeting to the final execution.
Who needs Probate, Estate or Trust Administration?
If an individual has a will or has no estate plan in place at the time of death, a family will go through a process called probate, which is a type of estate administration. An estate administration can also continue after the completion of a probate or separate from the probate process for smaller estates.
If an individual has a revocable living trust in place at the time of his death, a family will go through a process called trust administration.
Who needs a legal Guardianship or Conservatorship?
A guardianship is for a child who lacks parents to meet his or her basic needs, but has an adult step-parent, relative, or other concerned individual who is willing to take on that responsibility. A conservatorship is for elderly person who can no longer manage his or her financial affairs or who is physically or mentally unable to perform important tasks, but has adult children, relatives, or friends who can. Through a court-adjudicated procedure, a guardian or a conservator can be appointed to ensure that your loved one’s financial and physical care needs are met.