Revocable
and Irrevocable Trusts
Charitable
Trusts
Durable
Power of Attorney
Advance
Directive for Health Care
Conservatorships
Guardianships
WHAT IS A LIVING TRUST ?
A revocable living trust
is a legal document created while you are alive and can be revoked by you at
any time. You have absolute control of
your property while you are alive.
A living trust is an
entity that is legally capable of owning your property. Once the trust is created, you can transfer
your property to it and the trust becomes the legal owner of your property. There are many kinds of trusts,
some are designed to manage your property, while others are constructed to save
taxes.
ADVANTAGES
OF A TRUST
PRIVACY: Unlike a will, assets placed in a revocable living trust do not become a matter
of public record.
AVOIDANCE OF PROBATE: Transfers of your property into your trust
avoids the costs and delays of probate.
This includes property physically located in different states.
LESS EXPENSIVE, FEWER DELAYS: Property transferred into a revocable living
trust will not result in probate expenses such as attorney fees, accounting
fees, appraisers’ fees, and other charges arising from the administration of
the estate. In most cases, administration of the trust can be handled in a
relatively short period of time.
ABSOLUTE CONTROL:
When you create a revocable living trust, and name yourself “Trustee,” you keep
absolute control over the property in the trust while you are alive.
OTHER PLANNING TOOLS
DURABLE POWER OF ATTORNEY
This is a legal document which
provides for an agent or attorney-in-fact of your choice to act on behalf of
you in managing your business and financial affairs while you are incapacitated
or disabled.
ADVANCE
DIRECTIVE FOR HEALTH CARE
This legal document, formerly known
as a Durable Power for Health Care, provides for an agent of your choice to
make health care decisions for you in the event that you become
incapacitated. A directive of this
document might discuss whether you wish
to be kept alive by extraordinary measures in the event of a terminal
condition.
STAND ALONE WILL
The Stand Alone Will provides for the
administration of a person’s property after his or her death. Unlike a Revocable Living Trust, generally
property administered by a Will requires going through the Probate process.
POUR OVER WILL
The Pour Over
Will provides for the administration of that property which was not transferred
into your trust, and directs that the property remaining after the payment of
your debts, expenses of administration, and estate taxes imposed on such
property be added to your Revocable Trust.
In addition to estate
planning, we also assist clients with Probate and Estate Administration. If the deceased died with only a will or intestate (without a
will), in most cases his or her estate must be probated. Probate is the legal process by which a
person's debts are paid and assets are distributed upon her or his death,
subject to Court supervision. Estate Administration includes the probate
process as well as non-probate transfers of the deceased's assets. In addition to the distribution of assets and
debts, we represent and advice our clients who might become involved in the
following legal matters:
Will
and Trust Contests
Breach
of Fiduciary Duties (Trustee & Executor)
Contracts to Make a Will
Spousal
Rights
Step-Children’s
Claims
